Pfizer Downgraded by JP Morgan

Pfizer shares have been downgraded to neutral from overweight by JP Morgan Chase. "We clearly have seen a positive shift in Pfizer's narrative, which is now focused on the re-acceleration of the company's top and bottom line growth beyond 2020," J.P. Morgan's Chris Schott said about the pharmaceutical company.

"However, with the company now trading in line with peers and the broader market, we see this improved core story as better reflected in valuation," Schott stressed. "And with further upside to shares likely tied to either additional pipeline success or positive new launch momentum (largely 2020+ events), we are moving to the sidelines."

Lyrica, which generated around $5 billion in sales for Pfizer last year, was granted a six-month patent exclusivity extension by the U.S. Food & Drug Administration last month, but the branded treatment, known also as pregabalin, will face generic competition from June of next year.