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Biotech / Medical : biotech firesales
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To: tuck who wrote (856)12/13/2005 11:38:43 AM
From: tuck  Read Replies (1) of 3661
 
Tercica off almost 35% on the approval of an Insmed drug that competes directly with it's lead drug, Increlex. Much like the reaction yesterday of ENCY to MYOG's success. And also similarly, the sell off looks justified. Muddying the waters is the well known IP dispute between the two companies. The FDA also granted Insmed's Iplex Orphan Drug status, which had been uncertain, and perhaps unlikely given that TRCA's Increlex had that designation as well. Adding insult to injury, Lazard downgraded TRCA to a sell. Insiders had bought shares earlier in the year, probably betting against this outcome. Oops.

Cheers, Tuck
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