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Short interest: 22%
52-week high: $10.00
Current price: $6.55
Year-to-date performance relative to the Nasdaq Biotechnology Index: Down 13%
Cadence is another short-the-drug launch story. Picking up a pattern, yet? Cadence has done well convincing hospitals to carry its injectable acetaminophen Ofirmev on formulary. Convincing budget-minded hospitals to actually use (and pay for) the premium-priced pain reliever drug -- not so much.
If Cadence can't start generating revenue from Ofirmev soon, management will have to raise more money, which will further erode the company's message that Ofirmev is on track.
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