Pfizer's stock is experiencing a decline today, partly due to the market's reaction to the preliminary data from a Phase 1b study involving vepdegestrant, a drug developed in collaboration with Arvinas. The data, released on December 10, 2024, showed that while the combination of vepdegestrant and abemaciclib demonstrated a clinical benefit rate of 62.5% in patients with advanced breast cancer, the results did not significantly exceed expectations. The safety profile was consistent with known data, but the lack of groundbreaking efficacy results may have tempered investor enthusiasm.
Additionally, Pfizer's stock may be influenced by a recent analyst action, as the company was reinstated with a Neutral rating by a major financial institution earlier in the day. This rating suggests a cautious outlook on the stock, which could be contributing to the downward pressure.
Pfizer's stock is currently trading at $25.58, down 2.00% from its previous close of $26.10, and has seen a low of $25.51 today.