Pfizer Inc. (PFE) and Astellas Pharma Announce Positive Results From the Phase 3 EV-304 Clinical Trial for PADCEVTM

Pfizer Inc. (NYSE:PFE) is one of the best cheap stocks under $50 to buy right now. Pfizer Inc. (NYSE:PFE) and Astellas Pharma Inc. announced on February 27 positive results from the Phase 3 EV-304 clinical trial for PADCEVTM, a Nectin-4 directed antibody-drug conjugate, in combination with Keytruda®, a PD-1 inhibitor, in patients with muscle-invasive bladder cancer eligible for cisplatin-based chemotherapy.

Management reported that Perioperative (before and after surgery) enfortumab vedotin plus pembrolizumab exhibited a 47% drop in the risk of tumor recurrence, progression, or death compared to patients treated with standard of care neoadjuvant (before surgery) gemcitabine and cisplatin. It further reported that an estimated 79.4% of patients were event-free at two years, relative to 66.2% treated with standard of care neoadjuvant chemotherapy.

In a separate development, Pfizer Inc. (NYSE:PFE) was initiated with an Underperform rating and a $25 price target by RBC Capital on February 24, with the firm stating that it reflects an “insurmountable” $15B-$20B revenue cliff through 2030 with little near-term pipeline visibility seen to offset it. It further stated that although a 6% dividend yield offers downside support above the peer average, it cannot offset structural headwinds and the lack of 2026 catalysts.

Pfizer Inc. (NYSE:PFE) is a global biopharmaceutical company that manufactures, develops, markets, and sells biopharmaceutical products worldwide. It advances wellness, prevention, treatment, and cures in developing and emerging markets, and is also involved in developing immunotherapies that help the immune system to recognise and attack cancer cells.

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Disclosure: None. This article is originally published at Insider Monkey.