Shares of Pfizer Inc. shot up 2.8% in morning trade Monday to a near 11-year high, after the drug maker said it was preparing to resume Phase 3 clinical trials for its pain treatment tanezumab, and following an upbeat research note from Jefferies. Pfizer said as a result of the resumption of tanezumab trials, it expects to receive a $200 million upfront payment from Eli Lilly as per their collaboration agreement. And Jefferies analyst Jeffrey Holford said he believes Pfizer's stock to "significantly appreciate over the next 1-2 years," citing a better-than-expected launch of its cancer treatment Ibrance, an underappreciation of the company's global established pharmaceutical (GEP) business, potential mergers and the separation of its GEP business by 2017 at a minimum. Holford reiterated his buy rating but raised his price target to $45, which is 28% above current levels, from $42. The stock, a component of the Dow Jones Industrial Average, was trading at the highest level since June 2004. It has run up 13% year to date, while the Dow has gained 2%.
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