4:42 (Dow Jones) Intermune (ITMN) shares plunge 78% in after-hours trading after FDA rejects its application for lung-disease drug pirfenid one and requests another clinical trial, something that is expensive and time consuming. ITMN shares had more than tripled since early March. Several hedge funds have bought huge stakes in the company recently on hopes for approval or even a takeover. The stock jumped twice in early March: it rose 59% after positive documents came out prior to an FDA panel, and then it rose 81% when that panel recommended approval of pirfenidone. ITMN off 78% to $9.94 in late trading. (thomas.gryta@dowjones.com)
No comments:
Post a Comment