The 5 p.m. deadline to make a deal approached without indication that AstraZeneca would change its mind about a takeover, and Pfizer decided to walk away after a month-long, public back-and-forth with the British pharmaceutical company two hours before the deadline. British rules mandate a cool-down period between the two sides.
This was the third time Pfizer had sweetened the deal and increased the price, and many investors believed the $118 billion mark would facilitate a deal or at least force AstraZeneca to seriously consider the offer.
Goldman Sachs also reinstated coverage on Pfizer with a "buy" rating and set a $35 price target.
The stock was up 0.36% to $29.59 at 11 a.m.
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 some important positives, 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, good cash flow from operations, expanding profit margins and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."