GlaxoSmithKline and Pfizer Reveal Drug Efficacies

Medivation (NASDAQ:MDVN) and Pfizer (NYSE:PFE) announced that the Dimebon Alzheimer’s treatment the companies partnered to develop has fallen short of achieving statistically relevant results for endpoints in a Phase III trial. The failure has prompted a decision by the firms to discontinue development of the drug.

A study published today after clinical trials in 23 countries showed that pairing GlaxoSmithKline’s (NYSE:GSK) Tykerb drug with Roche’s (RHHBY.PK) Herceptin in breast cancer treatments worked nearly twice as well as single-drug therapy.

Here’s how these stocks are reacting to the news:

Medivation, Inc. (NASDAQ:MDVN): MDVN shares recently traded at $54.85, down $0.87, or 1.56%. They have traded in a 52-week range of $13.27 to $56.28. Volume today was 443,996 shares versus a 3-month average volume of 898,852 shares. The company’s trailing earnings are $-0.92 per share.

Pfizer Inc. (NYSE:PFE): PFE shares recently traded at $22.08, up $0.24, or 1.1%. They have traded in a 52-week range of $16.63 to $22.00. Volume today was 19,918,799 shares versus a 3-month average volume of 43,725,200 shares. The company’s trailing P/E is 15.33, while trailing earnings are $1.44 per share.

GlaxoSmithKline plc (NYSE:GSK): GSK shares recently traded at $44.69, up $0.56, or 1.27%. They have traded in a 52-week range of $36.28 to $46.50. Volume today was 722,626 shares versus a 3-month average volume of 2,632,400 shares. The company’s trailing P/E is 45.01, while trailing earnings are $0.99 per share.