This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mixed Bag for Pfizer

Pfizer (PFE - Get Report) said the Food and Drug Administration rejected its application for Oporia, an experimental treatment for osteoporosis.

In a terse, two-sentence announcement, Pfizer said it will discuss its application with the agency and consider "various possible courses of action." The FDA's rejection of Oporia, known by its scientific name lasofoxifene, was a setback for a drug that Pfizer had hoped would have multiple uses.

Pfizer filed its osteoporosis application with the agency 13 months ago. In December, it asked the FDA to approve the drug as a treatment for vaginal atrophy. A Pfizer spokeswoman said the FDA hasn't commented on the vaginal atrophy application.

The news helped send Pfizer's stock down 33 cents, or 1.3%, to $26.01 in early afternoon trading. Shares of Pfizer's partner, Ligand Pharmaceuticals, (LGND - Get Report) fell 79 cents, or 9%, to $8.01.

Pfizer's collaboration with Ligand, which now trades as a "pink sheet" stock, calls for Ligand to receive certain royalty payments during the drug's development. Ligand will get other payments if the drug is approved, and it will receive additional royalties equal to 6% of worldwide sales for any approved use of the drug.

San Diego-based Ligand, which has development deals with several Big Pharma companies, said Monday night that it's now the subject of a formal investigation by the Securities and Exchange Commission regarding the companies restatement of earnings for 2002 and 2003, each quarter of 2003 and the first three quarters of 2004.

"These matters have been the subject of an informal SEC inquiry," Ligand said in a press release issued Monday about six hours after markets had closed. "Ligand has been fully cooperating with the SEC and will continue to do so."

Ligand was delisted from Nasdaq last week. The company is seeking reinstatement, saying that it hopes to be in compliance with all SEC financial report-filing guidelines within 60 days.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AZN $34.21 0.47%
LGND $107.42 1.40%
PFE $32.64 -0.44%
AAPL $119.08 1.10%
FB $104.79 -0.63%


Chart of I:DJI
DOW 17,794.25 -4.24 -0.02%
S&P 500 2,088.06 -2.05 -0.10%
NASDAQ 5,124.6190 -2.9060 -0.06%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs