This past Saturday night--Pfizer announced it's stopping production of its new anti-cholesterol drug torcetrapib. Unfortunately--clinical test results showed there were more deaths than expected from taking the experimental drug.
Catherine Arnold is a pharmaceutical analyst from Credit Suisse. While on "Squawk Box" Arnold said this is obviously a big deal for the world's largest drug company--and said her firm has lowered their target price for the stock from $28 a share to $24. Fair value says Arnold would be $23 to $24 a share. Arnold says she is neutral on the stock (analyst disclosure-Credit Suisse is an investment bank client of Pfizer). The stock is expected to see dramatic losses today.