NEW YORK May 8 Shares of Pfizer Inc (PFE.N) are set to rebound even though the company is due to lose its exclusive hold on Lipitor, the world's best-selling drug, Barron's newspaper said.
Pfizer's shares fell 3 percent last week after the company reported lower first-quarter revenue, creating a prime buying opportunity, Barron's said in its May 8 edition.
The company's rheumatoid arthritis drug Tofacitinib, hit its pre-trial goals in two recent studies, which means it may be submitted for regulatory approval later this year and potentially be approved by 2012, said Barron's.
This would be key to offset the loss from the patent-expiration of Lipitor later this year, Barron's said.
Pfizer shares trade at more than nine times expected earnings and have a 4 percent dividend yield. One analyst told Barron's she had a $23 price target for the stock, which closed at $20.55 on Friday. (Reporting by Helen Kearney, editing by Maureen Bavdek)