What you're looking at above is the value of Cell Therapeutics shares going back to its initial public offering. In 2001 (right around the time I joined TheStreet to cover biotech stocks) Cell Therapeutics' stock topped $80,000 per share.
$80,000!Today, that same Cell Therapeutics share costs $1.08. In other words, over the last dozen years, Cell Therapeutics has lost 99.999 percent of its market value. Cell Therapeutics shares fell Monday after FDA placed a partial clinical hold on the company's experimental blood cancer drug Tosedostat because a patient enrolled in a clinical trial died. But today's Cell Therapeutics loss is just a tiny fraction of the long-term decimation of shareholder value. When a biotech management team places its selfish financial needs above the needs of patients and shareholders -- and does consistently for more than a decade -- the result is the shocking chart above. -- Reported by Adam Feuerstein in Boston. Follow @AdamFeuerstein
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts