Drugmaker Pfizer (PFE) recently shared disappointing news about its experimental drug for sickle cell disease, inclacumab. In a late-stage clinical trial called THRIVE-131, the drug failed to meet its main goal of reducing the frequency of vaso-occlusive crises (which are painful episodes caused by blocked blood flow) any better than a placebo. This result adds to the challenges Pfizer has faced in trying to develop effective treatments for this blood disorder.
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Even though the drug didn’t meet expectations for reducing crises, Pfizer pointed out that it was generally well-tolerated by patients aged 16 and older. Indeed, the most common side effects reported during the study were anemia, joint pain, and back pain. This suggests that while the treatment may not be highly effective in its current form, it does have a safety profile that could be useful in future research or combination therapies.
It is worth noting that inclacumab is part of Pfizer’s overall strategy to treat sickle cell disease, which also includes osivelotor and Oxbryta (voxelotor). Interestingly, Pfizer acquired Oxbryta through its $5.4 billion purchase of Global Blood Therapeutics in 2022, but later pulled the drug from the global market due to safety issues. Adding to its challenges, the FDA has now placed a partial clinical hold on new patient enrollment in the Phase 3 trial of osivelotor. This series of setbacks shows that Pfizer has been struggling in this area of drug development.
Is PFE Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on PFE stock based on six Buys, 12 Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average PFE price target of $28.59 per share implies 13.5% upside potential.
