1. Repros Rebuke
The brains behind
are clearly not beyond reproach.
Shares of Repros tumbled nearly 30% to around $17 Wednesday after the company admitted that the
has raised concerns about the reliability of some of the clinical data collected during the phase III studies of its testosterone boosting drug Androxal. These are the Androxal studies, in case you may have forgotten, in which Repros admitted that one enrolling site fabricated clinical data, while another collected anomalous data due to Gay Cuban men having too much sex.
Yeah, we know. It's hard to forget our friends at good old Repros, but unlike CEO Joe Podolski, we like to cover all our bases.
's biotech ax Adam Feuerstein alertly points out, it's also the same good old Repros which just last month assured investors that the FDA would find nothing wrong with the clinical data supporting Androxal. In the same release, Podolski added, "We are confident in the reliability of our results and the positive outcome of our two clinical trials."
Podolski's September promise about the high quality of the Androxal data helped Repros shares climb to four-year high. Repros, which by the way has no revenue, is now trading where it did in June, before the big biotech summer rally began.
Nevertheless, just because the stock gave up its gains doesn't mean it's cheerleaders on Wall Street are giving up the ghost.
Lazard analyst Josh Schimmer told clients in a note that "the slight delay to tighten Androxal filing is worthwhile." Meanwhile, Brean Capital analyst Jon Aschoff blew off the FDA's concerns and said the latest Androxal data twist "could be positive in the end."
Of course, they very well could be proven right in the long run.
Until Repros offers more proof to back up its claims, however, all we can offer back to Repros is a reproof.
-- Written by Gregg Greenberg in New York