It was in late-stage drug trials for basically
the female version of viagra.
An analyst had a $6 call on it and said the trial results
would be good.
WHAM! The late-stage results were poor (even after
good Phase II results), and the same analyst that called
for $6 per share now revised his prediction to 11 cents per share.
Once the news of the trial results hit the market the stock plunged from over $3 per share to about $0.30 in minutes.
These trial results are never a given in biotech or pharmaland.
It was in late-stage drug trials for basicallythe female version...
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