Pozen (POZN) got the bad news that the FDA has "delayed approval of an experimental two-in-one migraine drug from GlaxoSmithKline (GSK)", according to Reuters. The drug, Trexima combines Glaxo’s popular migraine drug Imitrex with the older painkiller naproxen sodium.
Pozen’s shares dropped 45% to $9.55. Its market cap is now $285 million, but over the last year, it has been as high as $500 million.
It is a frightening valuation for a company that is virtually a one-trick pony. In the last reported quarter, Pozen has revenue of $7.7 million and an operating loss of $2.9 million.
Even with the drop, the stock still seems high.
Douglas A. McIntyre
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
