Personal Finance

Why Pfizer Stock Was a Winner on Monday

Medical professional working at a computer terminal

Medical professional working at a computer terminal

The success of drug developers hinges on regulatory approvals for their medications. Considering that, it was hardly surprising that Pfizer (NYSE: PFE) stock had a good Monday on the market. Following its latest Food and Drug Administration (FDA) nod, the company’s shares closed the day 1.6% higher, topping the S&P 500 index’s 0.5% rise.

Cancer drug Padcev approved

That morning, Pfizer divulged that the FDA approved Padcev, the cancer drug developed with Japan’s Astellas Pharma, to treat bladder cancer. Padcev has won the nod as part of a first-line combination therapy with Keytruda, Merck‘s blockbuster cancer drug.

The FDA’s approval is based on the results of a phase 3 clinical trial of the two drugs used in combination. These demonstrated that taken together, the pair lowered the risk of death by 53% in patients with previously untreated bladder cancer, when compared to traditional chemotherapy.

This is not Padcev’s first approval. It won its inaugural FDA nod for treating bladder cancer at the end of 2019, however that was limited to patients with certain types of cases.

News of the latest approval comes mere days after Pfizer announced the completion of its acquisition of Seagen, Padcev’s developer. In May, Pfizer offered to pay a total of $43 billion in cash for the biotech.

Still in the laboratory

This isn’t the end of the story for Padcev. It is currently being evaluated for use as a solo agent, and in combination with Keytruda for other forms of bladder cancer. Additionally, it is being studied to combat head and neck squamous cell carcinoma.

Should you invest $1,000 in Pfizer right now?

Before you buy stock in Pfizer, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Pfizer wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Stock Advisor provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month. The Stock Advisor service has more than tripled the return of S&P 500 since 2002*.

See the 10 stocks


*Stock Advisor returns as of December 18, 2023


Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Merck and Pfizer. The Motley Fool has a disclosure policy.

Why Pfizer Stock Was a Winner on Monday was originally published by The Motley Fool

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button