Pfizer (NYSE:PFE) scores FDA approval but Wall Street reaction muted
U.S. markets are shut for the weekend, so investors are waiting to see if Friday’s FDA approval of Padcev with Keytruda will do much for Pfizer Inc.’s earnings. So far, no big move. Pfizer slipped 0.33% to $24.17 on Friday, down 0.62% since the July 2 close before the July 4 break. The S&P 500 rose 1.2% last week. The FDA cleared the drug based on a 47% lower risk of recurrence, progression or death, which looks strong clinically. But investors want more proof that sales to bladder-cancer patients can make up for Pfizer’s patent losses.