Drugmaker Pfizer Inc. (PFE) said Wednesday in a joint announcement with partner Medivation (MDVN) that their experimental Alzheimer's drug, Dimebon, has failed to meet the main goals of a recent late-stage clinical trial.
The announcement sent Medivation shares down 70% in premarket trading.
In addition, Dimebon failed to meet its secondary effectiveness goals in the Phase 3 trial, which was comprised of 598 patients.
Medivation CEO David Hung said that "The results from the Connection study are unexpected, and we are disappointed for the Alzheimer's community."
Pfizer shares fell 10 cents U.S., or 0.6%, in premarket trading Wednesday.
The Bottom Line
Shares of PFE have been recommended since Dec.10, when the stock was trading at $18.24 U.S. The company has a dividend yield of 4.09%, based on last night's closing stock price of $17.60 U.S.
Pfizer Inc. (PFE) is a "recommended" dividend stock, holding a Dividend.com DARS Rating of 3.5 out of five stars.
