Pfizer Inc. (NYSE: PFE) was off to what looked like it was going to be a rough day in the market today. In fact, at the opening bell, the stock was trading well in the red. However, minutes ago, news broke of a new drug approval, leading to gains in the value of the stock. As is almost always the case, our partners at Trade Ideas were the first to alert us to the movement. At the moment (10:13), PFE is trading at $32.21 per share after a gain of $0.07 per share (0.22%) thus far today.
PFE Gains On Drug Approval
As mentioned above, Pfizer didn’t look like it was going to have the best of days in the market today. With the stock in the red at the opening bell, there was definitely some ground to make up. However, making up that ground seemed to take no time at all, especially with the news that was released minutes ago.
That news is that PFE has received yet another new drug approval. According to various reports, the European Commission has approved TRUMENBA(R). The treatment is designed to prevent Meningococcal Group B Disease in both adolescents and adults.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PFE. In particular, we’re interested in following the marketing efforts with regard to TRUMENBA(R), considering that the drug has made its way to approval. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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