Even by the liberal standards of biotech, Chelsea Therapeutics (NASDAQ: CHTP )
has given its investors a wild ride as the stock has bounced around on
exceptionally mixed data on lead drug Northera. Investors have already
faced both the ecstasy of FDA panel approval, and the agony of FDA
rejection. Now the shares are rocketing again, jumping almost 100% on
Wednesday in the wake of a convincing panel vote in favor of Northera
despite a decidedly negative FDA stance in its pre-meeting briefing.
What happens next is anybody's guess. The FDA approves almost 90% of
the drugs that are recommended by its panels, and the 16-1 vote on
Tuesday would normally be seen as a strong endorsement. Chelsea's data
package is one of the messiest I've seen in a long time, but orthostatic
hypotension is a significantly under-served market and it doesn't take
particularly bold assumptions to derive an appealing target price.
Please read more here:
The Chelsea Therapeutics International Drama Has At Least One More Act
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