Pfizer ( PFE ) stock gained on Thursday after the company announced it will advance development of its once-daily Danuglipron.

The Details: Pfizer ( PFE ) selected the once-daily weight loss drug for continued advancement based on an ongoing pharmacokinetic study.

“Obesity is a key therapeutic area for Pfizer ( PFE ), and the company has a robust pipeline of three clinical and several pre-clinical candidates,” said Mikael Dolsten, chief scientific officer & president, Pfizer Research and Development. 

“The most advanced of them, danuglipron, has demonstrated good efficacy in a twice-daily formulation, and we believe a once-daily formulation has the potential to have a competitive profile in the oral GLP-1 space.”

The current study is evaluating the pharmacokinetics and safety of the drug in both immediate release and modified release form. The study contains adults aged 18 or older. Results to date show that danuglipron can be taken once daily with a safety profile similar to prior studies, including no liver enzyme elevations in over 1,400 participants.

The pharmaceutical company plans to conduct dose optimization studies later this year, focusing on the once-daily formulation.

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Pfizer ( PFE ) stock is still trading higher despite declines in the S&P 500 index as of Thursday morning.

PFE Price Action: At the time of writing, Pfizer ( PFE ) shares are trading 1.11% higher at $28.66 per data from Benzinga Pro.

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