NEW YORK (TheStreet) -- Shares of Pfizer (PFE) - Get Report are up by 0.63% to $33.05 in early afternoon trading on Monday, after the company announced positive top-line results from two phase 3 studies of its severe ulcerative colitis treatment candidate.
Both studies of tofacitinib given to patients in remission at week 8 met their primary endpoints in patients when measured against patients given a placebo, the company said in a statement.
"We are encouraged by the results of the OCTAVE induction studies as ulcerative colitis is a chronic, and at times debilitating, disease that can be difficult to treat" Pfizer's senior V.P. Rory O'Connor, MD said.
"Pfizer remains committed to advancing the science of Janus kinase inhibition and enhancing understanding of tofacitinib, the first in this new class of medications being investigated for ulcerative colitis. We look forward to sharing the results of our ongoing Phase 3 maintenance study OCTAVE Sustain, when available, which will provide further information on tofacitinib in ulcerative colitis," O'Connor added.
Separately, TheStreet Ratings team rates PFIZER INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate PFIZER INC (PFE) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, solid stock price performance, good cash flow from operations and expanding profit margins. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."