Map Pharma Down After Suspension Of Asthma Drug
I have been holding a short of MAPP for quite some time now. Read the comment following our logo…
Never wrong, just early or late.
Map Pharmaceuticals
MAPP might just turn into a profitable trade after a period where it looked like I would surely lose more than 15%. The dollar amounts are small, but a win is a win.
I didn’t hold MAPP in hopes that something like this would happen. I shorted to play a pull back on a bounce.. they happen. There is generally a bounce from a free fall (unless you are AIG, of course) as well. It is usually referred to as a “dead cat bounce”. Even a dead cat will bound when it is dropped from a high enough level.
I have taken off my limit order to cover this short. I am probably going to be out today, but will try to get a good price (pre-bounce, of course).
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Map Pharma Down After Suspension Of Asthma Drug
By JENNIFER HOYT CUMMINGS
Of DOW JONES NEWSWIRES
NEW YORK — Shares of Map Pharmaceuticals Inc. (MAPP) fell premarket after the drug company said Thursday that it is suspending the development of its asthma drug for children.
The suspension comes after Anglo-Swedish drug maker AstraZeneca PLC (AZN) terminated its license agreement with Map on the drug, Unit Dose Budesonide. Map said it received the termination notice Wednesday.
The two companies said in February that the drug had performed no better than a placebo in Phase III clinical trials.
Shares of Map fell 5.6% to $10.44 in premarket trading while American depositary shares of AstraZeneca weren’t recently moving.
Map shares plummeted earlier this year after the company reported the results of the Phase III studies on the drug. However, the stock bounced back in late May following positive late-stage data for its migraine drug, Levadex.
Map said Thursday it remains focused on developing Levadex, which achieved all four endpoints in a Phase III clinical trial.
via Dow Jones NewsPlus – Map Pharma Down After Suspension Of Asthma Drug.
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