Company Update (NYSE:PFE): Pfizer’s Xeljanz meets goals in ulcerative colitis trials

[Reuters] – Pfizer Inc said on Friday its Xeljanz rheumatoid arthritis drug succeeded in meeting primary and secondary goals of a pair of late stage clinical trials in ulcerative colitis, results that could help pave the way for an additional approval for the oral medicine. The largest U.S. drugmaker said results of the two studies and data from two others will be used in its application to regulators seeking approval in ulcerative colitis (UC) for Xeljanz, known chemically as tofacitinib. In the two Phase III studies, presented at a European medical meeting, Xeljanz reduced symptoms of moderate to severe UC and induced disease remission at significantly higher rates compared with a placebo. Read more on this. Pfizer Inc. (PFE) , currently valued at $182.67B, opened this morning at $29.50. Shares have traded today between $29.17 and $29.62 per share and has traded between $28.25 and $36.46 over the past year. PFE shares are currently priced at 12.81x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 2.70x forward p/e ratio. And for income investors, the company pays shareholders $1.20 per share annually in dividends, yielding 3.99%. According to a consensus of 16 analysts, the earnings estimate of $0.54 per share would be $0.03 better than the year-ago quarter and a $0.03 sequential decrease. The full-year EPS estimate is $2.29 which would be a $0.09 better than last year’s full-year earnings. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $11.86 Billion. If realized, that would be a 9.21% 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. Given all the information above, we should disclose to readers that the average price target is $38.81, which is 31.56% above than it opened this morning. See more in (NYSE:PFE) Similar Articles: Company Update (NYSE:PFE): Pfizer Celebrates a Year of Achievements in 2015 Annual Review Company Update (NYSE:PFE): Crossed Another Milestone – Report on Pfizer Company Update: Pfizer Inc (NYSE:PFE) – Pfizer Announces Collaboration with GSK on Next-Generation Design of Portable, Continuous, Miniature and Modular (PCMM) Oral Solid Dose Development and Manufacturing Units