Pfizer Gains on Test Data
Shares of Pfizer (PFE) rose Tuesday after the company announced that test results for an experimental stomach cancer drug were so good that the study was halted.
The study of the drug SU11248 was halted seven months ahead of schedule on the recommendation of an independent group of scientists monitoring the research. The recommendation was made in late January.
The study compared patients receiving a placebo vs. patients receiving the drug for gastrointestinal stromal tumor, or GIST. The placebo patients were given the option of taking the experimental drug once the test was halted.
"We are encouraged by this interim data analysis and believe this is a positive step towards establishing SU11248 as an option for patients with Gleevec-resistant GIST," said Dr. Joseph Feczko, Pfizer president of worldwide development. Gleevec is a cancer drug sold by Novartis (NVS)."Pfizer and study investigators are working together to provide SU11248 to those enrolled in the study as quickly as possible and hope this unique therapy will continue to provide meaningful clinical benefit for cancer patients," he said. The phase III test of the drug is the last in a series of clinical trials before a company submits a drug application to the Food and Drug Administration. Pfizer also is conducting a phase III test of the drug for kidney cancer. The drug launches a two-pronged assault on cancer -- attacking tumors and choking off the blood supply to tumors to prevent their growth. Pfizer's stock was up 75 cents, or 3%, to $25.66.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV