NAVB got approval for their imaging diagnostic Lymphoseek today, so good news there. What is interesting is that the stock is down about 9% on 7x average volume. Per Yahoo 20% of the float is short as of February 15th. Approval came much earlier than the PDUFA date in April as well. So are the shorts in control of this stock? Seems like more than just sell on the news.
Looks like the approval is for something that would be in demand: FDA approves new imaging drug to detect lymph nodes in breast, skin cancer patients.
I noticed a report on Puma pharma earlier today, they have a drug for Her+ BC just entering phase III. Results and potential filing would be about 2 years out. Puma is run by the same people that founded Cougar, which developed a successful drug for prostate cancer and sold to JNJ.
Also interesting, I was reading about Endocyte. They have a drug targeting the folic receptor, location sounded similar to IMGN. They also have a companion diagnostic that looked interesting.
NAVB I believe has the highest short interest in the Nasdaq. It is in for another day of the big smack down. I wonder if some activist like an Icahn might come along and decide to create a tremendous short squeeze. Similar to what he did with Herbalife. If anyone has Icahn's number, give him a call for me please.