Pfizer Inc. (NYSE: PFE) shares slipped on Monday despite the company posting positive results from a late-stage trial. Specifically, the company announced primary results from the tafamidis Phase 3 transthyretin cardiomyopathy (ATTR-ACT) study.
For some quick background: transthyretin amyloid cardiomyopathy (ATTR-CM) is a rare, fatal and underdiagnosed condition associated with progressive heart failure for which there are no approved pharmacologic treatments.
The results showed tafamidis significantly reduced the hierarchical combination of both all-cause mortality and frequency of cardiovascular-related hospitalizations compared to placebo over a 30-month period in patients with wild-type or variant (hereditary) ATTR-CM.
The ATTR-ACT study showed tafamidis significantly reduced all-cause mortality and cardiovascular-related hospitalizations, compared to placebo. This represents a 30% reduction in the risk of mortality and 32% reduction in the rate of cardiovascular-related hospitalization.
Brenda Cooperstone M.D., senior vice president and chief development officer, Rare Disease, Pfizer Global Product Development, commented:
We believe the ATTR-ACT study findings bring us a significant step closer to our goal of providing an urgently needed therapy for a serious and often fatal disease. We look forward to continuing discussions with global regulatory authorities about the potential of tafamidis as a treatment option for people living with ATTR-CM.
Shares of Pfizer were last seen down 1.7% at $41.67, with a consensus analyst price target of $41.45 and a 52-week range of $33.20 to $42.77.