Pfizer Inc. (NYSE:PFE) is experiencing notable stock movement on Wednesday afternoon. Here's what you need to know.

What's Going On: Pfizer is actively engaged in an open-label extension (OLE) study to evaluate the safety and efficacy of etrasimod in patients with moderately to severely active ulcerative colitis (UC). This study is an extension of previous Phase 2 and Phase 3 double-blind, placebo-controlled studies.

The OLE study is designed to treat participants with etrasimod 2 mg tablets, administered orally once daily for up to approximately eight years or until marketing authorization is obtained in the participant's country, whichever comes first.

The primary objective of the study is to assess safety by evaluating adverse events over the study period. Secondary outcome measures include the proportion of participants achieving clinical remission and changes from baseline in total and partial Mayo scores, which are tools designed to measure disease activity in ulcerative colitis.

What Else: Additional outcomes will look at endoscopic improvement, clinical response and histologic improvement and remission, assessed by various histopathology scores.

Pfizer recently reported a 15% decrease in patient enrollment in its Phase 3 ulcerative colitis trial, with numbers dropping from 912 to 772 patients. The trial remains active but is not recruiting new participants. Consequently, the primary completion date has been revised to July 20, 2026.

Analyst Update: Cantor Fitzgerald's analyst Louise Chen maintains an optimistic outlook on Pfizer, reiterating an "Overweight" rating with a $45 price target.

PFE Price Action: Pfizer shares were down by 2.09% at $27.41 at the time of writing, according to Benzinga Pro.

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