What went up must come down and down and down and down and down. OOPS there it is.
What goes up...
It was bound to happen sooner or later. After skyrocketing on good news about phase 3 results for Zerenex, shares of Keryx Biopharmaceuticals (NASDAQ: KERX ) sank over 10% this week. This drop comes on the heels of a 22% decline last Friday.
Investors are worried about exclusivity for Zerenex after a report came out last week from IPD Analytics. The research firm warned that Keryx might not be granted New Chemical Entity status by the FDA for Zerenex. IPD also expressed concern that the patents for the drug won't be strong enough to hold off generic challengers.
The good news for Keryx shareholders is that the stock is still up a whopping 140% so far in 2013. The bad news is that these kinds of worries could linger for a while and continue to impact share prices. Amarin (NASDAQ: AMRN ) encountered a similar issue with Vascepa. Shares of the pharmaceutical company have suffered from the seemingly endless waiting game for an FDA decision on NCE status for the lipid-reducing dru