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clock Created with Sketch. 07/10/21
12:37
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Originally posted by camban
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Actually, re-reading this press release enrages me. They are spinning this like it’s a positive: “...one step closer to approval”. Even just a regular small time investor in US pharma/biotech knows that receipt of a CRL from the FDA is the worst possible outcome. A CRL is a formal decision not a step in the process, and Scott well knows this. Most stocks get absolutely smashed after a CRL - in recent months I’ve seen anywhere from 50-80% plunges in the share price within minutes of news that a CRL has been issued. For many drug companies it’s the end of the road for that drug.
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Price action tells that market was not expecting any thing from this and it has already written off this product.
(20min delay)