Stock Update (NYSE:PFE): FDA approves Pfizer’s lung cancer drug for expanded use

[Reuters] – The United States Food and Drug Administration on Friday approved the expanded use of Pfizer Inc’s drug to treat a type of lung cancer. The health regulator approved the drug, Xalkori, as a treatment for non-small cell lung cancer (NSCLC) patients who have a specific mutation of a gene named ROS1. This type of gene mutation has been identified in various cancers including NSCLC and accounts for about 1 percent of the total non-small cell lung cancer patients. Read more on this. Pfizer Inc. (PFE) , valued at $188.29B, opened at $29.78. Today, shares have traded between $29.73 and $30.50 per share with a one year range of $28.25 to $36.46. Pfizer (PFE) shares are currently priced at 12.92x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s -1.58x earnings multiple for the same period. The company pays shareholders $1.20 per share in dividend income per year, for a current yield of 4.03%. According to a consensus of 15 analysts, the earnings estimate of $0.55 per share would be $0.04 better than the year-ago quarter and a $0.03 sequential decrease. Furthermore, our analysis shows the full-year EPS estimate to be $2.29, which would be a $0.09 better when compared to the last year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $11.95 Billion. If reported, that would be a 10.04% increase over the year-ago quarter. More recently, Sun Trust Rbsn Humphrey upgraded PFE from Reduce to Neutral (Nov 25, 2015). Previously, Morgan Stanley upgraded PFE from Equal-Weight to Overweight. With the above information in mind, readers should note that the average price target is $38.81, which is 30.32% above where the stock opened this morning. See more in (NYSE:PFE) Similar Articles: Market Update: Pfizer Inc (NYSE:PFE) – Pfizer Receives Expanded FDA Approval For IBRANCE (palbociclib) In HR+, HER2- Metastatic Breast Cancer Market Update: Bristol-Myers Squibb Company (NYSE:BMY) – FDA approves expanded use of Bristol-Myers’ skin cancer drug Market Update (NYSE:PFE): Pfizer Partners with Breast Cancer Leaders to Chronicle the Lives of Women with Metastatic Breast Cancer through the Lenses of Prominent Photographers