Pfizer shares fell by 3.7% on Wall Street on Monday after it was announced that the pharmaceutical giant had stopped developing an obesity drug for safety reasons.
The news left investors worried about an alternative therapy that the company still has in development.
The group earned billions of dollars in recent years from its Corona vaccines. However, demand for this vaccine has slumped and Pfizer is struggling to make up for this with a new drug.
Tesla and Google parent Alphabet were also among the declines on the New York stock markets. This was due to opinion downgrades.
Tesla was taken off the buy list by investment bank Goldman Sachs after the electric carmaker’s strong share-price rise this year.
Goldman also sees the price environment for electric cars deteriorating, due to increasing competition. Tesla dropped 6%.
Alphabet was no longer considered buy-worthy by experts at Swiss bank UBS and lost 3.3%.
Investors on Monday also reacted to the Wagner Group’s weekend rebellion.
The mercenaries rose up against the Russian army leadership on Saturday and advanced towards Moscow, but turned around after their boss, Yevgeny Prigozhin, struck a deal with the Kremlin.
The Wagner boss promised to end his rebellion and go to Belarus.
