Why Pfizer (PFE) Stock Is Up Today

NEW YORK (TheStreet) -- Pfizer  (PFE) rose Wednesday after the pharmaceutical giant said its drug BeneFIX reached its primary endpoint in a Phase 3 trial.

The company said the drug, which treats blood clotting disorders, reduced bleeding rates of patients in the late-stage study. Hemophilia B patients who took BeneFIX once a week showed a statistically significant reduction in annualized bleeding rate compared to those who took the drug on demand. BeneFIX already has approval for on-demand treatment.

Pfizer also agreed to purchase privately-held pharmaceutical company InnoPharma for $225 million and $135 million for specific milestones. The company expects to close the deal in the third quarter.

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The stock was up 1.15% to $30.76 at 12:55 p.m.

PFE Price Chart PFE Price data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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