Pfizer: Jefferies lowers target price

(CercleFinance.com) - Jefferies reiterates its 'buy' recommendation on Pfizer shares, but lowers its target price for them from $35 to $33, following the withdrawal of Oxbryta, a treatment for sickle-cell anemia, from all markets in parallel with the ongoing review by the European Medicines Agency (EMA).


The broker says that this decision was taken voluntarily by the pharmaceutical giant due to an imbalance between vaso-occlusive crises (VOC) and fatal events observed in the studies.

Although it is unclear whether the mechanism of action (MOA) is at issue, we are removing both Oxbryta and GBT601 from our model pending further information, Jefferies summarises.


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