Pfizer Inc.’s stock tumbled 6% Friday, after the company said it would not move to a Phase 3 trial of a twice-daily formulation of a weight-loss drug after patients in an earlier study had a lot of side effects. The stock was on track for its biggest one-day percentage decline since June 11, 2020, when it fell 7.3%, according to Dow Jones Market Data. It’s also headed for its lowest close since March 25 of 2020.
Pfizer’s stock has fallen 44% in the year to date, while the S&P 500
SPX,
+0.40%
has gained 19%. That’s putting it on pace for its worst year on record, based on available data going back to January 21 of 1972. The company
PFE,
-4.18%
said the Phase 2b study of its oral GLP-1 candidate danuglipron in adults with obesity and Type 2 diabetes met its primary endpoint of statistically significant change in body weight compared with placebo. Twice-daily dosages of danuglipron demonstrated placebo-adjusted weight reductions ranging from 8% to 13% at 32 weeks and 5% to 9.5% at 26 weeks. However, “While the most common adverse events were mild and gastrointestinal in nature consistent with the mechanism, high rates were observed (up to 73% nausea; up to 47% vomiting; up to 25% diarrhea),” the company said in a statement. “High discontinuation rates, greater than 50%, were seen across all doses com …
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Pfizer’s stock has fallen 44% in the year to date, while the S&P 500
SPX,
+0.40%
has gained 19%. That’s putting it on pace for its worst year on record, based on available data going back to January 21 of 1972. The company
PFE,
-4.18%
said the Phase 2b study of its oral GLP-1 candidate danuglipron in adults with obesity and Type 2 diabetes met its primary endpoint of statistically significant change in body weight compared with placebo. Twice-daily dosages of danuglipron demonstrated placebo-adjusted weight reductions ranging from 8% to 13% at 32 weeks and 5% to 9.5% at 26 weeks. However, “While the most common adverse events were mild and gastrointestinal in nature consistent with the mechanism, high rates were observed (up to 73% nausea; up to 47% vomiting; up to 25% diarrhea),” the company said in a statement. “High discontinuation rates, greater than 50%, were seen across all doses com …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]