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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Savient Pharmaceuticals (Nasdaq: SVNT ) shares took a nosedive down 43% on Monday as the company failed to find a buyer for the firm.
So what: After getting the go-ahead for Krystexxa as a treatment for gout, the company expected to find a buyer within a few months. When the company announced its efforts to sell had failed, the market crushed the stock.
Now what: My first reaction is to say this is a market overreaction to a non-deal, and we know how much Wall Street loves deals. The company is expecting to release Krystexxa later this year, so this isn't the end of the world, and the company is looking for strategic partners. A 43% drop makes me more than a little cautious today, but as the stock settles down in coming days I think this move is an opportunity for a long-term investor to start building a position in this stock.
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