Closing FOLD (Amicus) underperform
I really don't have any idea what happened to this stock today. You don't often see a 45% price drop after a biotech reports a "positive" phase II trial. I wonder how much the stock would have gone up if the trial had failed. My only clue on this is that all the company would say about the clinical response was "renal and cardiac function results were encouraging". That's not exactly data. Either way the company was overvalued before and now seems appropriately valued assuming they are progressing to a phase III trial. But either there's been a huge misunderstanding, or someone got some insider info in the last 24 hours with the huge price drop. Either way, I'm going to cover my short now and wait for the dust to clear. Hopefully one of the Brians can provide a little analysis.