What the hell happened? Down 10% or so, then a massive move up to close almost 8% higher. A good 20% swing from the lows to the highs yesterday. I understood the early dive but why the late rise? Any info is appreciated, I can't find anything.
Also FDA rejected Endo petition to ban generic Opana (Oxymorphone) due to safety concerns. FDA responded by saying Opana ER (tamper resistant formula) is not tamper resistant and is similar to original formula Opana which is currently sold as Generic by Impax etc. Similar scenario as with Purdue's OxyContin but Purdue was able to prove that the new formula is more safe by demonstrating this in a chemical process.
Endo sued FDA Dec 2012 pushing the FDA to ban the generics earlier, but that was dismissed and the FDA stated they had until May 10 to make their decision. That is where we were yesterday. Endo's Opana ER tamper resistant formula can be compromised easily just search the web and you will see.
All that we are waiting on now is the STOPP act and REMS designations. STOPP act really has no chance of passing. There is just not enough scientific evidence suggesting that tamper proof formulas of opioids prevent abuse.