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A development stage pharmaceutical company that seeks to acquire and develop innovative products for the treatment of a variety of human diseases.
Back in my days as a surgical resident, when a patient took a turn for the worse and looked like they were going to be leaving the hospital in a box, we used to try and prepare the family by gradually making our updates more and more pessimistic. We used to call that "laying crepe", in reference to black cloths that were historically hung outside the home of someone who had died.Yesterday, Chelsea CEO Simon Pedder laid some serious crepe in an unusual press release ahead of the FDA Advisory Committee meeting for Northera. He referenced FDA briefing documents that apparently raised concerns about weakness in the design of the Northera phase III trials, as well as much more troubling "questions" regarding the role of Northera in several deaths which occurred during the studies.While the validity of the efficacy data for Northera was always questionable, as I have described in detail previously, the significant mortality concerns were not previously described. It seems that Pedder was trying to protect himself and his company from accusations of concealing material information ahead of the FDA Ad Comm material event. Indeed, a large contingent of investors fled the stock, dropping the share price substantially. Today momentum swung in the other direction.Unofrtunately, Pedder's press release caught me green thumbed and forced me to close out with a red score. I believe that the prudent souls who exited the stock will be proven correct when the FDA issues very negative briefing documents on February 21, two days in advance of the advisory committee meeting. Placing my red thumb today allows me the option of closing the pick after the briefing documents but before the Ad Comm, avoiding the unpredictable actions of the committee.
not a great day, but a pass. what do you think, ready to green thumb it again and change positions, or are you sticking with red? you've had at least three different positions on chtp since i've followed the stock here--make it four?
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