Shares of Pfizer Inc fell nearly 8per cent on Monday after an independent data monitoring committee determined the drugmaker's breast cancer treatment was unlikely to meet the main goal of a late-stage study.
FILE PHOTO: The Pfizer logo is seen at their world headquarters in Manhattan, New York, U.S., August 1, 2016. REUTERS/Andrew Kelly/File PhotoREUTERS: Shares of Pfizer Inc fell nearly 8per cent on Monday after an independent data monitoring committee determined the drugmaker's breast cancer treatment was unlikely to meet the main goal of a late-stage study.
The treatment, Ibrance, was being tested along with the standard of care for early breast cancer in men and women, against standard of care alone, the company said on Friday.The study was broadly seen to have a high probability of success readout, but the early failure represents a meaningful setback for Pfizer, JP Morgan analysts said in a note, cutting its price target on the stock by US$1 to US$37.Ibrance, approved by the U.S.
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