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Biotech / Medical : biotech firesales -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (1559)	9/25/2007 11:41:14 AM
From: tuck	Respond to of 3661

The other two things weighing on PANC today are 1) a slight pushout of the 300mg data, by a few weeks, and 2) a downgrade. >>Panacos Pharma Shrs Fall; Co Pushes Back Drug Data Release Last update: 9/25/2007 10:25:43 AM By Nicole Urbanowicz Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Shares of Panacos Pharmaceuticals Inc. (PANC) fell as much as 23% early Tuesday, the day after the company pushed back the release of trial data for its HIV drug bevirimat. After Monday's closing bell, the company said it now expects to have data from the 300mg cohort in the early fourth quarter, later than earlier expectations for release in the third quarter. Shares of Panacos Pharmcueticals were recently down 52 cents, or 21%, at $2, with more than twice the average daily volume of shares already traded. The Watertown, Mass., biotechnology company also said Chief Financial Officer Peyton J. Marshall resigned to pursue other opportunities and outside personal interests. Robert Pelletier, vice president of finance, will serve as acting principal accounting officer while the company looks for a financial chief. Stifel Nicolas analyst Edward H. Nash wrote in a research note that although Marshall was competent in his role, the executive's departure is "immaterial to the success of Panacos as company." Citing the potential of bevirimat despite the data push back, Nash said Panacos' two liquid formulations of bevirimat suitable for long-term dosing will enable the company to proceed smoothly into pivotal trials in 2008, while continuing development of a solid oral formulation. Nash rates the stock at buy with a 12-month price target of $8. (Stifel Nicolaus makes a market in shares of Panacos Pharmaceuticals.) -Nicole Urbanowicz, Dow Jones Newswires; 201-938-5460; nicole.urbanowicz@dowjones.com (END) Dow Jones Newswires<< Still think this firesale is an overeaction. The data pushout doesn't really affect the development timeline. As the article above says, that's probably the major impetus behind today's sell-off, not Marshall's departure. I added some at $2.10, and tried to get shares at $1.95. Cheers, Tuck