Pfizer data hit higher end of expectations, says Cantor Fitzgerald

Cantor Fitzgerald analyst Louise Chen believes Pfizer’s additional Phase 3 data this morning for Tafamidis hit the higher end of expectations, which was 10%-30% based on her work. The data showed a 30% reduction in the risk of mortality and a 32% reduction in the rate of cardiovascular-related hospitalizations with Tafamidis in people with transthyretin amyloid cardiomyopathy versus placebo, Chen points out. She believes the data are good news for Pfizer because it underscores that the market opportunity for Tafamidis is underappreciated. The analyst estimates that Tafamidis has peak sales potential of $1B-plus. Chen has an Overweight rating on Pfizer with a $45 price target.

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