David Risinger, an analyst from Leerink Partners, maintained the Hold rating on Pfizer (PFE – Research Report). The associated price target was raised to $115.00.
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David Risinger has given his Hold rating due to a combination of factors surrounding Pfizer’s recent strategic moves and the competitive landscape in the oncology sector. Pfizer’s decision to license a PD-1/VEGF bispecific antibody from 3SBio for cancer treatment is a positive step, but the market is already crowded with similar offerings. The company has committed a significant upfront payment and additional potential payments, alongside a substantial equity investment in 3SBio, indicating a strong belief in the potential of SSGJ-707.
However, despite the promising addition to Pfizer’s oncology pipeline, the competitive differentiation of SSGJ-707 remains uncertain. There are numerous competing candidates in clinical stages, which could impact Pfizer’s ability to stand out in the market. This uncertainty, combined with the need to further assess the competitive landscape, has led to the decision to maintain a Hold rating on Pfizer’s stock.
In another report released on May 21, Citi also maintained a Hold rating on the stock with a $25.00 price target.
PFE’s price has also changed slightly for the past six months – from $24.940 to $23.520, which is a -5.69% drop .
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