DEMC recommends to discontinue SNSS Cardiff study enrollment
SNSS was due to report earnings and an update on August 5th but supposed with an early release today. The news was not good, as the DEMC has recommend that enrollment in the SNSS Cardiff university be discontinued. This is not good news for a company that only has a single drug to offer and the stock will no doubt tank badly at the open tomorrow, likely down to the $4.25 - $4.50 next support level -- and with no other real positive catalyst until 2014, it could bottom even lower. Ouch!
As of 7:18 pm stock was trading @ $ 5.14...the Valor study of vosaroxin and cytarabine is still enrolling and the read out on that is not until mid 2014 and that study was not stopped....only just the vosaroxin study sponsored by Cardiff Univ. Volume was only 370,000 during day and 48,000 after hours thus far....is this just an opportunity for shorts to cover or an opportunity for investors to buy on the dip?