More than any other industry, drug development contains the most "what have you done for me lately" investors.
Witness Progenics Pharmaceuticals
Then the stock jumped more than 30% in the other direction yesterday after the drug was recommended for approval in the European Union for treating opioid-induced constipation (OIC), and is trading up another 26% today after the FDA approved it last night. In fact Progenics has roughly tripled since I said investors had overreacted to the failed drug study.
Yesterday, Progenics and marketing partner Wyeth
Wyeth and Progenics will likely have the OIC market all to themselves for a while. The nearest-term competitor, Entereg, from Adolor
Relistor will be used only after front-line treatments like Novartis'