Pharmaceutical and biotechnology corporation Pfizer Inc. (NYSE: PFE) recently revealed that it has received approval from the European Medicines Agency (EMA) for its 20-valent pneumococcal conjugate vaccine (PCV20). The vaccine will be marketed in the European Union (EU) under the brand name APEXXNAR.
Following the news, shares of the company declined marginally to close at $49.65 in Tuesday’s extended trade.
Details of the Approval
PCV20 has been approved for active immunization for the prevention of invasive disease and pneumonia caused by Streptococcus pneumoniae in individuals 18 years of age and older. The authorization is valid in all 27 EU member states plus Iceland, Lichtenstein, and Norway.
The approval was received post extensive trials and evidence, including Phase 1 and 2 trials, and three Phase 3 trials.
Management Commentary
The Global President of Pfizer Vaccines, Nanette Cocero, Ph.D., said, “The EMA’s authorization of APEXXNAR for adults continues Pfizer’s ongoing commitment to help prevent certain potentially-serious infectious respiratory diseases, including invasive pneumococcal disease and pneumonia. APEXXNAR helps protect against the 20 serotypes in the vaccine, and today’s approval offers adults — through a single dose — the broadest serotype protection of any available pneumococcal conjugate vaccine in Europe.”
Stock Rating
Recently, Morgan Stanley analyst Matthew Harrison reiterated a Hold rating on the stock. The analayst, however, lowered the price target from $60 to $55, which implies upside potential of 10.5% from current levels.
Consensus among analysts is a Moderate Buy based on 8 Buys and 9 Holds. The average Pfizer stock prediction of $59.80 implies upside potential of 20.1% from current levels. Shares have gained 43.5% over the past year.
Positive Sentiment
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on PFE, as 8.8% of portfolios tracked by TipRanks increased their exposure to PFE stock over the past 30 days.
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