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Jan. 31, 2022, 7:41 a.m. EST

Ionis, Pfizer scrap plans for experimental cardiovascular drug

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By Jaimy Lee

Shares of Ionis Pharmaceuticals Inc. /zigman2/quotes/201272020/composite IONS +5.57% fell 7.9% in premarket trading on Monday after the company and Pfizer Inc. /zigman2/quotes/202877789/composite PFE -1.18% said they discontinued a program testing an experimental treatment for cardiovascular risk reduction and severe hypertriglyceridemia. The companies said that although the drug, vupanorsen, met the primary endpoint in a Phase 2b study, there was concern about its viability as a treatment for those indications. Pfizer had licensed the drug from Ionis in 2019; those rights have now been returned to the company. Over the past year, Pfizer's stock has soared 51.3%, and shares of Ionis have tumbled 47.2%, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.16% is up 18.7%.

/zigman2/quotes/201272020/composite
US : U.S.: Nasdaq
$ 45.70
+2.41 +5.57%
Volume: 1.51M
Aug. 5, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.48 billion
Rev. per Employee
$1.27M
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/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 49.27
-0.59 -1.18%
Volume: 16.38M
Aug. 5, 2022 4:04p
P/E Ratio
11.31
Dividend Yield
3.25%
Market Cap
$276.45 billion
Rev. per Employee
$1.17M
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/zigman2/quotes/210599714/realtime
US : S&P US
4,145.19
-6.75 -0.16%
Volume: 2.22B
Aug. 5, 2022 5:04p
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