Pfizer stock was falling Friday after the biopharmaceutical company announced that it will not be moving forward with a Phase 3 trial of its weight-loss candidate.
Pfizer said in a press release Friday that its twice-daily GLP-1RA candidate, danuglipron, will not be moving forward into a Phase 3 trial as high rates of the most common adverse affects, including nausea and vomiting, were observed.
"We believe an improved once-daily formulation of danuglipron could play an important role in the obesity treatment paradigm, and we will focus our efforts on gathering the data to understand its potential profile," said Mikael Dolsten, president of Pfizer research and development.
Pfizer's news comes as stocks of pharmaceutical giants Eli Lilly and Novo Nordisk have surged this year amid strong demand for their drugs, Mounjaro and Ozempic , which have shown success in lowering people's weight.
Shares of Pfizer were down 6.1% to $28.62 and were on pace for their lowest close since March 2020 and largest percentage decrease since June 2020, according to Dow Jones Market Data. The stock was the worst performer in the S&P 500 Friday and has now fallen 44% this year. It's on pace to have its worst year on record.