In what most analyst see as a blow to Pfizer Inc (NYSE: PFE) may just become an opportunity for investors looking for cheap Pfizer stock.

Over the weekend the world’s largest drugmaker announced that they would halt the development of torcetrapib, a "good-cholesterol" booster that was seen as Pfizer's replacement for its blockbuster Lipitor drug, which loses patent protection in 2010.

A recommendation to halt the study for torcetrapib from an independet board that Pfizer set up due was handed down to an unexpected number of deaths, According to Pfizer 82 patients that were taking a combination of torcetrapib and Lipitor died and that is compared with 51 deaths in the study where patients were only prescribed Lipitor. There were a total of 15,000 patients particpating in the study, 7,500 each..

Now this news prompted downgrades at JP Morgan (NYSE: JPM), Lehman Brothers (NYSE: LEH) and Merrill Lynch (NYSE: MER).

The news and domino effect of the downgrades has put pressure on the stock overseas and this is sure to follow through once the U.S. markets open up this morning.

Some analyst believe that this recent situation may lead to Pfizer’s revenue growth to slow down dramatically until 2009.

Investors need to keep in mind that we are at the tail end of 2006 and this news may have prompted one instituion to step aside but that along with analyst downgrades may force other institutions to follow suit, but it is likely that they will reenter Pfizer in early 2007. So this may just be an opportunity for investors to position themselves in the pharmaceutical giant close to their 52-week lows.

Pfizer closed at $27.86 on Friday and is likely to open anywhere from $3 to $5 lower this morning.
 
 
Louis Victor
NAMC Newswire

 
 
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