BioPharma Stock Skyrockets
Furiex Pharmaceuticals, $FURX, stock is up more than 144% after the company announced positive clinical trial results for a drug to treat irritable bowel syndrome.
Feb. 4 at 10:27 AM
“We have completed all toxicology studies and believe we are on schedule, including chemistry and manufacturing work, for an NDA submission by the end of the second quarter of 2014,” said founding chairman Fred Eshelman in a statement.
The drug, eluxadoline, helps stop the chronic diarrhea suffered by some IBS patients. It also lessens patients abdominal pain.
The Food and Drug Administration has granted the drug Fast Track status. To warrant such a classification a drug must address an unmet need or show superior effectiveness to other drugs on the market, according to the FDA.
Some investors said the run was overdone. At the current share price, Furiex has a market cap of $1.18 Billion. It had about 20.5 million in revenues for 2012, the last year for which a 10K is available. It reports earnings in March.
Feb. 4 at 12:27 PM
However even bears urged others not to short the stock for fear of another upswing tomorrow as analysts digest the data and reassess the company’s valuation.
Feb. 4 at 1:45 PM
Already some analysts were changing their price targets. Ladenburg Thalmann raised its price target to $137.
Feb. 4 at 1:07 PM
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