Pfizer (NYSE:PFE) announced Friday that it had secured approval from the U.S. Food and Drug Administration (FDA) for its medicine Velsipity. The pharma giant said the approval came after the drug proved effective in treating moderately to severely active ulcerative colitis (UC).
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According to the announcement, Pfizer said data from a late study showed a significant drop in the disease symptoms for some patients who took the drug. The company added that its results were better than patients with the placebo.
Meanwhile, the company scored another point in Europe, where the European Medicines Agency (EMA) gave conditional approval for its cancer treatment. The drug, called Elrexfio, is used in the treatment of a type of blood cancer called multiple myeloma. With the conditional approval, Pfizer now looks to the European Commission (EC) for final approval. According to reports, the EC generally follows the decisions of the EMA in giving final authorization.
What is the Target Price for PFE?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on PFE stock based on five Buys, eight Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average PFE price target of $44.83 per share implies 38.86% upside potential.
