ROFLMAO
(DOW JONES) DJN: =Net Chatterboxes Abuzz Over FDA Decision On Myotrophin
DJN: =Net Chatterboxes Abuzz Over FDA Decision On Myotrophin
By Johanna Bennett
NEW YORK (Dow Jones)--It seemed the waiting was almost more than some could
bear.
But Cephalon Inc. (CEPH) investors racing to Internet message boards Tuesday
for the latest news about the U.S. Food and Drug Administration's
much-anticipated decision about the company's new drug, Myotrophin, found
few answers.
"Sorry to prolong the agony," said one participant on Yahoo! Finance, a
popular on-line financial Web site. "I really doubt they would announce
anything while the stock is trading. It's likely that they will either wait
until after the bell, or halt the stock. If you see trading stop before 4
p.m., you'll know that's what it is. But I would bet my money that nothing
is said until after 4 p.m."
As Cephalon shares shot up amidst exceptionally heavy trading Tuesday,
investors flooded on-line message boards with pleas for information about
the drug, a treatment for ALS, otherwise known as Lou Gehrig's disease.
Shares of Cephalon were recently trading at 15 in late market action, up 1
13/16, or 13.7%. About 4.2 million shares had traded by 3 p.m., more than
six times the average daily volume of 596,800. Earlier, the shares reached
16 1/8, a new 52-week high.
"You had better jump on board now if you want to enjoy the rider," said one
message board participant. "I don't want to hear any crying tomorrow."
Company officials declined to comment on the price surge. But a spokesman
admitted the FDA was expected to issue a decision on Myotrophin.
"I am sure investors are anxious to hear the news on Myotrophin which people
have been expecting," said Jason Rubin, Cephalon spokesman.
Internet chatter about the stock began late Monday night as investors
speculated about first-quarter earnings set to be released Tuesday morning.
By late afternoon, however, the conversation turned to agonized speculation
about the FDA announcement.
But others predicted that part of the stock's price hike stemmed from shorts
covering their position, a statement that elicited harsh words from some
message board participants.
"I hope you short the stock again and get squeezed to hell, you bastard,"
wrote one investor.
Others, however, cautioned investors toward a more patient perspective.
"We shouldn't get so emotional," replied another Yahoo! Finance participant.
"The FDA will either decide your way or not. As Mark Twain once remarked,
'Thank God for differences of opinion. Otherwise, we wouldn't have horse
racing.' "
-Johanna Bennett; 201-938-5670
(END) DOW JONES NEWS 05-12-98
04:04 PM
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