The FDA catalyst: 2010 moves in MannKind (MNKD), Roche Holding (RHHBY), Acorda Therapeutics (ACOR) show it still works!
Today's Financial News - Posted January 24, 2010
Pharma companies MannKind (NASDAQ:MNKD), Roche Holding (OTC:RHHBY), and Acorda Therapeutics (NASDAQ:ACOR) have seen stock price moves on FDA news. Will the magic work for Spectrum Pharmaceuticals (NASDAQ:SPPI) on January 30?
by J. Christoph Amberger
Baltimore, MD: On Dec. 30, TFN posted a list of upcoming FDA announcement dates: Upcoming FDA decision dates… and the companies that may benefit.
As you well know, a yea or nay from the FDA can sink a stock… or propel it upward — completely independent of the relative worth or value of the underlying drug or medication. So far this year, the stocks we listed have validated FDA approval as a catalyst of trading activity:
* FDA decision Jan. 16, 2010: MannKind Corporation (NASDAQ:MNKD), regarding preliminary approval an inhaled insulation device called Afresa.
Share price as of 12/30/2009: $8.55; closing price last Friday (1/22): $10.27. Gain: 20.11%
* FDA decision due Jan. 18, 2010: Roche Holding Ltd. (OTC:RHHBY), regarding approval for the use of Taceva for the treatment of lung cancer in patients already responding to chemotherapy. Share price as of 12/30/2009: $42.18; closing price last Friday (1/22): $44.05. Gain: 4.43%.
* FDA decision due Jan. 22, 2010: Acorda Therapeutics (NASDAQ:ACOR), regarding new drug application review for Fampridine-SR to be used to improve conduction in nerve fibers when the insulating layer (myelin) has been damaged. Share price as of 12/30/2009: $25.39; closing price as of Friday (1/22): $28.12. Gain: 10.75%.
What’s next?
FDA decision due: Jan. 30, 2010: Spectrum Pharmaceuticals (NASDAQ:SPPI), regarding the results of a meeting with the FDA to discuss the viability of continuing to seek approval for Fusilev for the treatment of colon cancer will be announced. Share price as of 1/22: $4.81.
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