On Monday, Pfizer traded lower, marking its seventh consecutive day of losses underlining its difficulty to replicate its COVID-19 pandemic vaccine success.
The pharmaceutical corporation’s stock price declined by -0.35% to $28.45 apiece on August 12. Moreover, it fell by 20.50% in the last 12 months, with stock trading at 1.49%, lower than the S&P 500’s 12.04%
Two years after the pandemic, Pfizer struggles to leverage its massive gains from its COVID-19 vaccine and antiviral Paxlovid.
CEO Albert Bourla said they would spearhead a $3.50 billion cost-cutting strategy, including layoffs and investing in cancer and obesity treatments. This effort came after the company’s stock slid to almost half its peak value amid unmet expectations for its products’ sales.
Meanwhile, Pfizer is anticipated to boost its portfolio from its $43.00 billion acquisition of Seagen with leading antibody-drug conjugate (ADC) technology. According to Bourla, the ADC drugs are described as modern warfare against cancer.
In addition, the acquisition would bring four of Seagen’s existing products, 13 clinical trial programs, and a portion of intellectual property to Pfizer.
Based on analysts, the biotechnology firm’s stock would rally, driven by its progress in developing its experimental drug series. They added that the potential approval of Ngenla, a long-acting recombinant human growth hormone, would contribute to its stock’s spike.
RSV Vaccine by Pfizer Displayed Benefit in Study
In a late-stage study, Pfizer reported on Monday that its respiratory syncytial virus (RSV) vaccine, Abrysvo, showed a robust immune response. The data was generated by observing four groups of adults aged 18 and older with compromised immune systems.
According to Pfizer, a single 120-microgram dose of the vaccine created potent neutralizing antibodies against RSV-A and RSV-B across all groups in the study.
Furthermore, the drugmaker will submit the data to regulatory agencies for review. Currently, the vaccine is approved for individuals aged 60 and above and for women during the middle of their third trimester of pregnancy.
