Blue-chip pharmaceutical company Pfizer, Inc. (PFE) announced that it has started Phase 3 clinical trial to determine the efficacy of a single dose of its respiratory syncytial virus (RSV) bivalent prefusion F subunit investigational vaccine candidate (RSVpreF) in adults aged 60 years above.
RSV is highly contagious and affects the lungs and airways. Infections occur in people of all ages and can feel like the common cold in most young adults. It can be potentially life-threatening for infants and older adults.
The company said, “In the U.S., it is estimated that more than 177,000 older adults ≥65 years of age are hospitalized and 14,000 of them die each year due to RSV.” (See Pfizer stock charts on TipRanks)
The Phase 3 RENOIR trial of RSVpreF is a global, randomized, double-blind, placebo-controlled study that expects to enroll about 30,000 participants aged 60 years and older.
In July 2021, Pfizer completed Phase 2a study of RSVpreF, which evaluated the safety, immunogenicity and efficacy of the dose in healthy adults between 18 and 50 years of age. The results of the study enabled Pfizer to proceed to Phase 3.
Last month, Morgan Stanley analyst Matthew Harrison maintained a Hold rating on the stock with a price target of $45 (2.3% downside potential from current level).
Consensus among analysts is a Hold based on 2 Buys and 8 Holds. The average Pfizer price target of $45.44 implies 1.3% downside potential.
TipRanks’ Hedge Fund Trading Activity tool shows that confidence in Pfizer is currently Very Positive, as the cumulative change in holdings across all 22 hedge funds that were active in the last quarter was an increase of 1.5 million shares.
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