Pfizer Inc. (NYSE: PFE) and Eli Lilly and Co. (NYSE: LLY) shares were largely unaffected after the firms announced results from a joint late-stage trial in patients with osteoarthritis (OA) pain. Overall the results were fairly positive, and tanezumab met all three co-primary endpoints.
The study demonstrated that patients who received two doses of tanezumab separated by eight weeks experienced a statistically significant improvement in pain, physical function and overall assessment of their OA, compared to those receiving placebo.
For some quick background: tanezumab is part of an investigational class of pain medications known as nerve growth factor inhibitors, and in addition to OA pain, it is being evaluated for chronic low back pain and cancer pain (due to bone metastases).
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In June 2017, Pfizer and Eli Lilly announced that the U.S. Food and Drug Administration (FDA) granted Fast Track designation for tanezumab for the treatment of OA pain and chronic low back pain.
Ken Verburg, tanezumab development team leader, Pfizer Global Product Development, commented:
There is a substantial need for innovative new treatment options for osteoarthritis, as many patients are unable to find relief with currently available medicines and continue to suffer. We are encouraged by these results, which speak to the potential of tanezumab as a non-opioid treatment option for pain reduction and improvement in physical function in people living with osteoarthritis pain.
Shares of Pfizer were last seen trading at $37.54, with a consensus analyst price target of $39.80 and a 52-week trading range of $32.32 to $39.43.
Eli Lilly shares were trading at $89.30. The consensus price target is $92.47, and the 52-week range is $73.69 to $89.69.
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