Diamonds and Dogs
9/20/13Prosensa Holding N.V. (RNA)
Prosensa shares are crashing and burning today, down 70.42% at $7.10. The biopharmaceutical company which focuses on genetic disorders saw its shares fall after announcing that it and partner GlaxoSmithKline's Duchenne muscular dystrophy drug, drisapersen, failed to meet its primary endpoint in late-stage trials. The trial consisted of 186 patients of which 125 would receive drisapersen and 61 the placebo. The primary endpoint was a statistically significant improvement in the six-minute walking distance test. The data demonstrated that there was no statistical difference between the drisapersen and placebo cohort. Shares of Prosensa lost nearly $17.00 today, but are still holding up above their 52-week low of $5.65.
Retractable Technologies Inc. (RVP)
Retractable Technologies is not retracting today, up 76.11% at $3.17. The safety syringe company saw its shares skyrocket after favorable news regarding a litigation was released. After a six year battle, the verdict vindicates Retractable's claim that industry giant Becton, Dickinson and Company illegally engaged in anticompetitive conduct with the intent to acquire or maintain monopoly power in the safety syringe market and engaged in false advertising under the Lanham Act. The jury awarded Retractable $113,508,014.00 in compensatory damages subject to being trebled pursuant to federal statute. Shares of Retractable Technologies reached a new 52-week high of $3.92 intraday.