Pfizer Inc. (NYSE:PFE)’s decline in shares is primarily attributed to the rejection of new drug


Dallas, Texas 08/22/2013 (Financialstrend) – Shares of Pfizer Inc. (NYSE:PFE) had recently been presenting decline in prices primarily attributed to the recent rejection of the company’s drug for treatment of lung cancer in the United Kingdom. It was informed by the National Health Service of the country that the lung cancer treatment drug developed by the company proved to be too expensive for use in the presently money strapped health care system of the international markets. It was further commented that even the hefty discount of $80,000 offered by the pharmaceutical major on the treatment costs using this drug did not prove effective to remove this cost effect off from it. The Chief Executive Officer of Pfizer had also commented that despite the committee appointed for considering the approval of the drug had found it suitable for use in treatment of ALK positive non small cell lung cancer, they had rejected it owing to the expensive nature. While the officials at Pfizer Inc. (NYSE:PFE) had highly criticized against this rejection of the drug in the markets of the United Kingdom, the shareholders of the company had taken up strong negative signals from the rejection and had sent the shares of this pharma major to decline in the recent days.

Pfizer Inc. (NYSE:PFE) had presented significant gain in share prices on Wednesday to close at $28.24 per share, which was observed to be a decrease of 1.02% over the previous close. The stock had further fluctuated during the day to present intraday prices in the range of $28.22 to $28.58 per share. It was observed that the company’s stock on Wednesday had reported trading volume at 23.23 million shares, while the average level for the stock is to trade at 27.98 million shares per day. The 52 week low price for the stock is presently at $23.55 and 52 week high is at $31.15 per share.