Morgan Stanley analyst Terence Flynn notes that Pfizer (PFE) announced that after a review of the totality of the data for its pipeline oral GLP-1 drug, Danuglipron, it has decided to discontinue development of the program. The firm’s sense is investor expectations for Danu were low and with shares trading at a greater than 7% dividend yield, which could offer support for the stock, the firm says it expects “a limited reaction” in the shares to the discontinuation news. Morgan Stanley keeps an Equal Weight rating and $31 price target on Pfizer shares.
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