In a recent announcement on Friday afternoon, Pfizer (NYSE: PFE), the world's largest pharmaceutical company, revealed the discontinuation of a two-day obesity drug trial, leading to a sharp decline in its shares by over 6%. The drug, named danuglipron, faced termination due to reported side effects observed in a previous study, causing Pfizer's stocks to plummet by 44.2% since the beginning of the year.
Pfizer Abandons Obesity Drug Trial Amidst Adverse Effects:
The decision by Pfizer to forego the Phase 3 trials of its obesity drugs, formulated for twice-daily administration, stemmed from the numerous adverse effects experienced by participants in an earlier study. The company cited the drug, danuglipron, and its discontinued trial due to the side effects emerging from a Phase 2b study, indicating statistically significant weight loss compared to a placebo.
"Danuglipron demonstrated weight reductions ranging from -8% to -13% over 32 weeks and -5% to -9.5% over 26 weeks compared to placebo," stated Pfizer in a press release.
Market Response: Pfizer Stocks Experience Sharp Decline:
As the news broke, Pfizer's shares experienced a rapid decline, reaching $28.58 and marking a nearly 45% loss since the beginning of the year. This downturn is attributed to a swift decrease in sales, driven by a decline in demand for Pfizer's COVID-19 products amid the global post-pandemic recovery. The company reported losses in Q3 due to challenges surrounding its COVID-19 vaccine and antiviral treatment, Paxlovid.
Ongoing Trends in Obesity Drugs: Novo Nordisk and Eli Lilly Lead the Way:
While Pfizer faces setbacks, the market for obesity and diabetes treatments continues to evolve, with Novo Nordisk and Eli Lilly at the forefront. Novo Nordisk's Wegovy, Eli Lilly's Ozempic, and Mounjaro have set a trend with injectable medications that mimic the effects of a gut hormone to regulate appetite and blood sugar.
Novo Nordisk's Success with Wegovy and Ozempic: Novo Nordisk's Wegovy and Ozempic have been key drivers of the company's growth, with their shares rising by 48% and 64.31%, respectively. These GLP-1 receptor agonists have gained approval in the United States for the treatment of type 2 diabetes, showcasing their effectiveness in managing both diabetes and obesity.Eli Lilly's Mounjaro and Zepbound, and the FDA Approval for Weight Management: Eli Lilly's Mounjaro, similar to Novo Nordisk's Ozempic, and Zepbound, akin to Mounjaro, have received approval from the U.S. Food and Drug Administration (FDA) not only for the treatment of type 2 diabetes but also for weight management. This dual approval positions these medications as versatile solutions for patients struggling with both conditions.

While Pfizer grapples with the discontinuation of its obesity drug trial, competitors Novo Nordisk and Eli Lilly continue to thrive in the evolving landscape of obesity and diabetes treatments. The industry's focus on innovative solutions reflects a commitment to addressing the complex challenges of these prevalent health conditions, providing hope for improved outcomes for patients in the future.
#Pfizer #NYSE #PFE #COVID-19

The U.S. Securities and Exchange Commission (SEC) has approved the listing of the environmentally oriented bitcoin ETF 7RCC on the #NYSE Arca exchange.

This step occurred simultaneously with the approval of bitcoin options by the Commodity Futures Trading Commission (CFTC).

#BitcoinETFs are Becoming more Popular
On November 15, the SEC approved a rule change that allows 7RCC to trade its ETFs for bitcoin and carbon credit futures. This decision comes almost a year after 7RCC filed its application in December 2023. The application went through four corrections in the review process that began in March.

The fund plans to invest 80% of its assets in bitcoin and 20% in financial instruments related to carbon credit futures. These futures will be based on indices related to environmental initiatives, including the European Union's Emissions Trading System, the California Carbon Quota and the Greenhouse Gas Initiative.

"The Fund will gain access to carbon credit futures by investing directly only in such contracts. The fund does not plan to invest in carbon credit futures specifically related to bitcoin mining or other related processes," the SEC wrote in its message.

Carbon credit futures help control regulatory risks and promote environmentally responsible investments. 7RCC announced that Gemini crypto exchange will act as a custodian.

The SEC approval came at the same time as the statement by the CFTC's Clearing and Risk Division. The regulator announced that it will no longer control clearing for bitcoin ETF options on the spot market. This function is now performed by the Options Clearing Corporation (OCC), which handles all stock options and their calculations.

The CFTC's decision significantly advances the launch of Bitcoin ETF options. Analysts consider it a key step.

"The CFTC has just issued a notice that opens the way for listing options on bitcoin ETFs. This is the second hurdle that had to be overcome after the SEC. Now the ball is on the OCC's side and they are interested, so they will probably start listing soon," Bloomberg ETF analyst Eric Balchunas said in a statement.

The approval of the 7RCC Bitcoin($BTC
ETF and the CFTC's moves highlight the growing regulatory support for innovative financial instruments. These developments pave the way for expanding investment opportunities in both the cryptocurrency and traditional markets.
#XRPPriceAction