Dallas, Texas 08/23/2013 (Financialstrend) – Shares of Pfizer Inc. (NYSE:PFE) had recently been facing heavy decline in prices in the markets with the recent rejection of the company’s newly developed drug. This drug Xalkori, to be used in combination with chemotherapy for the treatment of lung cancer had been rejected by the regulatory authorities of the United Kingdom. It had been stated that the drug proved to be too costly for any common use in the universal health system which is presently in cash strapped stage. It had further been commented that the drug proved to be expensive even if the company’s offer of $80,000 discount on the treatment processes using the drug.
Further, the National Health Service of the United Kingdom had noted that the present reduction in the budget allotted to the department proved to add on to the burden of costliness of the drug. Officials at Pfizer Inc. (NYSE:PFE) had strongly criticized this move by the regulatory authority to reject the drug for lung cancer treatment just on the basis that it proved costly, despite passing out the approvals to the drug related to its effectiveness. There had been high level of investor pessimism witnessed on this stock after the news of this rejection was released.
Pfizer Inc. (NYSE:PFE) had shown considerable loss in share prices on Thursday to close at $28.16 per share, which was observed to be a dip of 0.28% over the previous day closure. The stock had further movement during the day to present intraday prices in the range of $28.11 to $28.33 per share. The company’s stock on Thursday had reported trading volume at 22.74 million shares, with an average level of stock trade at 27.85 million shares per day. The yearly low price for the stock is presently at $23.55 and high price for the year is at $31.15 per share