Cantor Fitzgerald Reiterates Pfizer (PFE) at Overweight Rating with $75 PT on Phase 3 etrasimod Data

Cantor Fitzgerald analyst Louise Chen reiterated an Overweight rating and $75.00 price target on Pfizer (NYSE: PFE), following the company's announcement of Phase 3 ELEVATE trial data.

The analyst comments: "Today (3/23), PFE announced positive topline results from the Phase 3 ELEVATE 12 study (NCT03996369) of etrasimod, its oral, once-a-day, selective sphingosine 1-phosphate (S1P) receptor modulator, in moderately to severely active ulcerative colitis (UC). UC results have been highly anticipated this quarter. They present a first look into Phase 3 data for the key asset from PFE's recent ~$6.7B acquisition of Arena Pharmaceuticals. PFE has highlighted etrasimod as a potential best-in-class S1P molecule. We expect that once detailed data are available, comparisons will be made to Bristol's (BMY, NC) Zeposia (ozanimod), an S1P receptor modulator which received FDA approval in moderate-to-severe UC in May 2021."

For an analyst ratings summary and ratings history on Pfizer click here. For more ratings news on Pfizer click here.

Shares of Pfizer closed at $53.04 yesterday.

By Vlad Schepkov

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