Shares of Nuvelo dropped $15.80, or 80.8 percent, to $3.75 in premarket activity on the INET electronic exchange, after closing Friday at $19.55 on the Nasdaq. Shares have traded between $7.93 and $20.98 over the past 52 weeks.
Bayer HealthCare is a unit of German drug maker Bayer AG.
In one late-stage clinical trial, the drug, known as alfimeprase, failed to keep patients with blockages in their peripheral arteries from needing surgery after 30 days of treatment.
Another study, where the drug was intended to clear patients' clogged catheters in 15 minutes, also failed.
The companies said they need to talk to outside experts and regulatory agencies concerning the drug. In the meantime, the companies suspended another late-stage clinical trial on alfimeprase.
Posts: 1053 | Registered: Mar 2006
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Missed the $3.95. Will probably hold out for 4 something also. Then dump half.
Posts: 76 | From: CHARLOTTE, NC | Registered: Jan 2006
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I have a feeling this could be a gap-up tomorrow. What in the name of Gordon Gekko justifies being brutalized like this, even with such a horrid test result?!?
-------------------- "Entrepreneurship is the last refuge of the trouble making individual."
Im not sure how to play this yet. FLOAT is traded. HUGE HUGE institutional buys all day. Huge overreaction. Solid company! $3 cash per share in hand. Other drugs in the pipeline.
-------------------- Disclaimer: Not accountable for anything I say Posts: 6266 | Registered: Jun 2004
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quote:Originally posted by Kevin Bailey: I have a feeling this could be a gap-up tomorrow. What in the name of Gordon Gekko justifies being brutalized like this, even with such a horrid test result?!?
That's how the market reacts to all pharms that release things... if they do well, off to the races, if not, they get slaughtered. It is what it is.
-------------------- Stick with Repo's plan in '07 - FRPT/DKAM! Posts: 6379 | From: PA | Registered: Dec 2004
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quote:Originally posted by Kevin Bailey: I have a feeling this could be a gap-up tomorrow. What in the name of Gordon Gekko justifies being brutalized like this, even with such a horrid test result?!?
That's how the market reacts to all pharms that release things... if they do well, off to the races, if not, they get slaughtered. It is what it is.
And all I'M saying is that there's a LOT of money to be made in what seems to be a MAJOR over-reaction.
-------------------- "Entrepreneurship is the last refuge of the trouble making individual."
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My 4.01 buy was emotional (just not wanting to be shut out if this one blasted through the low 4s). Even so, with an average in of 3.93, I like my position.
-------------------- "Entrepreneurship is the last refuge of the trouble making individual."