Novoste crashed today. See my comment back in January - looks like my few year window was likely generous:
Message 15279495
Novoste's stock slides after J&J news
By Ted Griffith, CBS.MarketWatch.com
Last Update: 5:07 PM ET Sept. 4, 2001
NORCROSS, Ga. (CBS.MW) -- Shares of Novoste plunged 45 percent Tuesday after Johnson & Johnson announced a success with a treatment for blocked arteries that would compete with Novoste's technology.
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Shares of Novoste (NOVT: news, chart, profile) tumbled $8.23 to $10.02. The sharp slide followed Johnson & Johnson's announcement that its new cardiovascular device coated with an antibiotic showed "great promise" in preventing arteries from blocking up again.
After more than six months, patients who had received J&J's Cypher stent had no "re-blockage" of arteries, the health care giant reported. Stents are small metal tubes used by surgeons to prop open arteries. See full story.
Norcross, GA.-based Novoste has developed a treatment for restenosis -- or reclogging of arteries -- that relies on radiation. Analyst Daniel Lemaitre at Merrill Lynch said Novoste stock was bound to suffer after J&J had such success in preventing restenosis. In a note to clients, Lemaitre said investors were re-evaluating the prospects of Novoste's therapy "in light of a possible 'cure' for restenosis."
Shares of Johnson & Johnson (JNJ: news, chart, profile) jumped $3.44, or 6.5 percent, to $56.15.
Peter |
