InterMune [NASDAQ:ITMN] FDA wants another trial |
Biotechnology Companies | |||
Written by Hugh McManus | |||
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guess we're going to get a chance to watch a stock drop $20 or likely much more tomorrow! The FDA issued a complete response letter to the NDA for pirfenidone. The agency wants the company to run another phase III clinical trial, a tie-breaker, if you will. The clinical data reported by the company had some ambiguity: the agency wants InterMune to clear things up. The news isn't bad for InterMune: things will be delayed. It's likely to be really good for all those put holders; here's how things stacked up as of 1 p.m. ET. When trading halted, ITMN was priced at $45.44. $10.0 / $0.20 / 2,654 The figures are the strike price, price and open interest. It looks to me as if people expect this stock to drop to the low $30s. I wouldn't be surprised to see it drop lower.
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