Piper Jaffray analyst Charles Duncan calls the pullback in shares of Axovant Sciences (AXON) after Pfizer (PFE) announced the discontinuation of its 5-HT6 antagonist program in Alzheimer's a buying opportunity. Axovant's RVT-101 has "clear differences" to Pfizer's program on potency, clinical trial design and patient enrollment criteria, Duncan tells investors in an intraday research note. The analyst views clinical read-through between the two programs as minimal and does not believe the probability of RVT-101 success is compromised by Pfizer's news. He reiterates an Overweight rating on Axovant with a $23 price target. The stock Is down 27%, or $4.51, to $12.14 in late morning trading.

Pfizer announced that the European Commission, or EC, has granted marketing authorization for Emblaveo for the treatment of adult patients with complicated intra-abdominal infections, or cIAI, hospital-acquired pneumonia, or HAP, including ventilator-associated pneumonia, or VAP, and complicated urinary tract infections, or cUTI, including pyelonephritis. It is also indicated for the treatment of infections due to aerobic Gram-negative organisms in adult patients with limited treatment options.