BMO Capital Reiterates Outperform Rating on Pfizer (PFE)

BMO Capital analyst Evan David Seigerman reiterated an Outperform rating and $36.00 price target on Pfizer (NYSE: PFE).

The analyst commented, "Oxbryta is being pulled from the market in the strongest of terms: overall benefit no longer outweighs risk in sickle cell disease patients on “imbalance in vaso-occlusive crises and fatal events,” distribution and clinical studies discontinued. This follows EMA announcement of an unplanned meeting to discuss July 2024 referral. Oxbryta was acquired via $5.4B Global Blood Therapeutics in Aug 2022. Impact to sentiment could weigh near-term, although Pfizer notes no impact to FY24 guidance. We have removed Oxbryta revenue from our model, but maintain our target given minimal near-term contribution."

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 $28.93 yesterday.

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