That order is based on the inaccurate premise that if it hits $35/share it won't go lower, but will dip down and bounce back. If it hits $35/share it could just as easily hit $30 or $25 or $20/share.
This company once had hope and optimistic prospects, but they simply didn't get it in gear. They can't get a product to market, their market cap is down 90%+ and will have to go for another round of funding. They will most likely fold & go out of business. Sad. Such a great idea but such lousy management.
The Adcom will be nothing more than a chance to let people have their say, to pretend to give them a voice, and then the FDA will go ahead and do what it had long ago decided to do, deny Eteplirsen, and condemn countless children needlessly to their death.
Such is the way of the FDA. This is the government you voted in, I hope you're happy with it.
It absolutely turns my stomach that the FDA can be so unbelievably corrupt. I have lost faith in this part of our government to accurately provide for the population. I simply don't see how they can take issue with something that is such a slam dunk, no brainer case. It makes me sick that the FDA will be the pivot point for all these young boys - causing them to die needlessly just so a handful at the FDA can further their career. It is absolutely unthinkable.
If I believed for a fraction of a moment that the FDA people truly thought that the drug didn't work or wasn't safe, I could understand it, but I don't believe that at all. I think they are bowing to some external influence or some other reason to make an unjust decision.
You'd better believe if ANY at the FDA had a child with DMD this situation would be absolutely different.
I apologize for my rant, but I can't believe the FDA is doing this. There is nothing left good at the FDA.
This FDA is far too crooked. It doesn't get any more compelling than what Eteplirsen brings to the table. Conceding the small number of patients - they could have still approved conditionally. Now it won't happen. Not after reading the FDA notes. They have already decided and it wouldn't surprise me a bit if they have already drafted the CRL.
Was going to go, but I couldn't bear to watch another debacle like BMRN's Adcom. Especially since I believe the SRPT one should be so much better, but know that with this FDA it won't be.
Down 50% premarket? OMFG. This stock is already worse/lower than I ever thought it would be, even if Eteplirsen was completely rejected by the FDA - I never expected to see $15 even in the worst case scenario.
You mocked me earlier this week and now the stock has plunged 30% in a single day. Will you learn, or make the same mistake over and over and over?
BMRN only dipped 5% on their briefing documents, which I thought was much more harsh than SRPTs were. BMRN recovered all of that by the end of the day. Even after getting the CRL BMRN is only down 10% from the day the briefing documents were released.
Yet SRPT is bludgeoned 30%+ on just the briefing documents.
Something is broken here.
I should have recognized back on the secondary offering that the CFO was right, the stock would never go that high ever again. It has gone down 50% since then. I can't imagine any of the Wall Street professionals that the CFO duped into buying the secondary will ever believe him ever again.
I have only myself to blame as the writing was clearly on the wall at that point. The CFO had absolutely no faith in approval and therefore did the secondary when he did. Otherwise, if he did expect the stock to go higher then he would have no business doing the secondary.
Putting rhetoric aside, look at the facts. They did the secondary and the stock has been declining ever since. That is a fact and that fact is irrefutable.
As I've said before, this market is broken beyond repair. Corrupt beyond all comprehension.
Biomarin's CEO comments post CRL declares that he hopes the FDA holds their competitor to the "same high standard" as they were held to.
#$%$? Is that jerk really hoping SRPTs Eteplirsen doesn't get approved?
Is he really hoping that a life-saving medication not be given to dying children?
I can see him advocating for his med, or claim his is better than someone else's, but to come out agains the only hope left for kids is unthinkable.
I noticed that too, but discounted it to simply be because that was what his legacy claim to fame is - the amount of dystrophin produced. If that is an invalid assumption (the correlation between dystrophin production and the 6mwt and health of the patient) then it could invalidate his whole life's work - so he will be very skeptical. I'm not saying he is biased - I'm saying that because he has devoted a large part of his life to something he likely knows it very well and he wants to understand it within the context of years of his research. Since dystrophin production was not tracking directly to the outstanding results on the 6mwt, it presents a contradiction for him that he appears to have not yet resolved.
Joke all you want, the only ones happy are short sellers. Perhaps that is you.
Losses from just TODAY (down much more for the week, month, etc.)
INCY - 11.3%
SRPT - 7.65%
All on NO NEWS WHATSOEVER.
Yes, beyond repair. Specifically if there were a problem with politicians like Hillary running their mouths about biotech to get votes, you know that after the election, things should calm down. Or if China were the problem, then when growth picked up there, things would smooth out. However, the problems plaguing this market are multi-dimensional and there is no easy fix to any of them. That is why I say it is broken beyond repair. There is no quick or easy fix to this situation and there is nothing to say that 6-months from now we have any reason to believe things will be any better.
We are heading into the Obama/Yellen depression (not recession) and things look bleak. Just holding those in power accountable for what is happening. They are steering the course in a very dangerous area.
Step #1 is admitting you have a problem. We must still be at step 0.
Not really all that interesting. Market selling off across the board, especially biotechs. BMRN and SRPT are owned by many of the same institutions.
This whole market is broken beyond repair. Absolutely no reason for all stocks to be down so severely. Whether it be macro level manipulation or whatever, things are clearly broken to the point that nobody I know is putting any money into this market.