Pfizer Inc. (NYSE:PFE) shares are trending on Wednesday following the U.S. Food and Drug Administration’s (FDA) full approval of the BRAFTOVI combination regimen for treating metastatic colorectal cancer.
The positive news comes as the broader market is experiencing gains, with the S&P 500 up 0.53% today, indicating a favorable environment for stocks.
Complete FDA Approval For Mutated Colorectal Cancer
The FDA granted full approval to Braftovi (encorafenib) in combination with cetuximab and fluorouracil-based chemotherapy for adult patients with metastatic colorectal cancer (mCRC) harboring a BRAF V600E mutation.
In December 2024, the FDA granted accelerated approval to Braftovi in combination with cetuximab and mFOLFOX6 for BRAF V600E-mutant mCRC.
The approval is based on results from the Phase 3 BREAKWATER trial, which demonstrated significant improvements in progression-free survival and overall survival.
In January, the Braftovi combination regimen with FOLFIRI and cetuximab demonstrated a clinically meaningful and statistically significant improvement in confirmed objective response rate (ORR) compared to patients receiving standard-of-care treatment, FOLFIRI with or without bevacizumab (64.4% vs 39.2%).
In February, Pfizer announced that its Braftovi regimen demonstrated a statistically significant improvement in progression-free survival (PFS) for patients with a specific mutation in metastatic colorectal cancer.
Additionally, the Braftovi regimen is under regulatory review in Europe and has already received approvals in several other countries. This expansion could further enhance Pfizer’s market presence and revenue potential in the oncology sector.
The broader market is experiencing gains, with the Technology sector up 0.94% today. Pfizer’s stock is moving in line with this positive market sentiment, suggesting that the approval news is contributing to the upward momentum.
Technical Analysis
Currently, the stock is trading 3.1% below its 20-day simple moving average (SMA) and 5.4% below its 100-day SMA, indicating some short-term weakness. Over the past 12 months, shares have increased approximately 29%, and they are currently positioned closer to their 52-week highs than lows.
The RSI is at 50.00, which is considered neutral territory, indicating no strong momentum in either direction. Meanwhile, MACD is at 0.10, below its signal line at 0.15, suggesting bearish pressure on the stock.
The combination of neutral RSI and bearish MACD suggests mixed momentum for Pfizer’s stock.
- Key Resistance: $27.50
- Key Support: $25.00
Analyst Consensus & Recent Actions: The stock carries a Hold Rating with an average price target of $29.42. Recent analyst moves include:
- Barclays: Initiated with Underweight (Target $25.00) (Feb. 20)
- Cantor Fitzgerald: Neutral (Maintains Target to $27.00) (Feb. 4)
- Cantor Fitzgerald: Neutral (Raises Target to $27.00) (Jan. 27)
PFE Price Action: Pfizer shares were up 0.02% at $27.14 at the time of publication on Wednesday, according to Benzinga Pro data.
Photo via Shutterstock
