Pfizer, Inc. (PFE) saw its stock decline by 2.03% on December 10, 2024, closing at $25.57, down from the previous close of $26.10. The stock opened at its previous close but quickly dipped to a low of $25.51, reflecting investor reactions to recent developments. The decline was primarily driven by the release of preliminary data from a Phase 1b study of vepdegestrant, a drug developed in collaboration with Arvinas. While the study showed a clinical benefit rate of 62.5% in advanced breast cancer patients, the results did not significantly exceed expectations, leading to tempered investor enthusiasm. Additionally, Pfizer's stock was impacted by Bank of America's reinstatement of coverage with a "neutral" rating and a price target of $29.00, reflecting a cautious outlook that may have contributed to the downward pressure.
The trading volume for Pfizer was 36,547,416 shares, slightly below the average daily volume, indicating moderate investor activity. Broader analyst sentiment has also shown a negative shift, with a decrease in the average price target by 15.56% over the past 30 days. Despite the FDA approval of Pfizer's RSV vaccine, ABRYSVO, for high-risk adults under 60, discussions on social media platforms like Reddit highlighted implementation lags, which may have further influenced investor sentiment.