Can Pfizer Inc (NYSE:PFE) Cure Arthritis?
Early today morning, Pfizer Inc (NYSE:PFE) announced that it will be presenting results of tests conducted on its XELJANZ target drug which is designed to treat arthritis at the American college of Rheumatology in 2013 annual meeting.
The company share price is up by $0.11 from its previous day close of $28.80. It is currently trading at $28.91 which represents dip of 7.8% from its 52 week high valuation. The stock is trailing both the Dow Jones and the Healthcare index marginally. All three are trading at levels below their previous day close valuations. A total of 2 million shares of the company have changed hands as of 10:00 ET today compared to its 65 day average daily trading volume of 39.8 million shares. The company has a market capitalization of $190 billion with 6.62 shares outstanding.
Pfizer Inc (NYSE:PFE) is a multinational bio-pharmaceutical company with operations spread across the globe. The Company business is divided across five different verticals. Their products are sold in over 93 countries and its R & D centers are spread across 5 different hubs.
The company is trying to peddle its drug XELJANZ which is already approved by FDA for treating rheumatic arthritis patients who have developed allergy to “Methotrexate” tablets. The company is going to publish data and the results from its two open ended phase 2 and phase 3 studies, in which arthritis patients were given XELJANZ drug doses. In turn these patients were analyzed for any adverse effects from the consumption of the above drug. The analysis clearly highlighted the fact that “malignancies” seen in the patients under trial were in line with the malignancies which are typically seen and observed in other patients with similar levels of rheumatic arthritis and had been treated by traditional “biologic and non-biologic DMARDs”