Pfizer’s Breakthrough Therapy and 2 Dow Movers To Watch
Pfizer (NYSE:PFE): Current price $29.86
Pfizer’s investigational compound palbociclib has received breakthrough therapy designation from the FDA for the potential treatment of patients sufering from breast cancer, according to Dow Jones Newswires . Palbociclib, or PD-0332991, is an oral and selective inhibitor of cyclin dependent kinases 4 and 6. Breakthrough therapy designation should expedite the development and review of a potential new drug if it is meant to treat a serious or life-threatening disease or condition, and preliminary clinical evidence indicates that the medication might show substantial improvement over existing therapies on one or more clinically significant endpoints.
Exxon Mobil Corporation (NYSE:XOM): Current price $89.00
Bloomberg reports that Exxon Mobil will appeal a $236 million New Hampshire verdict in a case concerning the use of the gasoline additive MTBE, after having seen a much larger award in a similar dispute tossed out by a court in Maryland. Following a nearly three-month trial, a jury in Concord took around three hours to find Exxon Mobil negligent for putting the additive in gasoline without warning the state of the risks, and that the firm should pay for contaminating New Hampshire’s groundwater. Exxon Mobil attorney David Lender said that his client has strong arguments to make on appeal.
International Business Machines Corporation (NYSE:IBM): Current price $212.12
Shares were upgraded from Neutral to Buy by analyst Steve Milunovich at UBS, who raised his target price from $210 to $235. Milunovich thinks that IBM is well-positioned for the forthcoming computing era, because integrated vendors do well early in a tech transition; the majority of the near-term action will be in private cloud, which is an IBM strength; and IBM’s hosting capability and support of OpenStack will be helpful later in the wave.
Investing Insights: Will Pfizer Continue This Bullish Run?