Biotech Mailbag: Savient's Unsavory Surprise

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Let's open the Biotech Mailbag.

Yasha C. asks, "Could you give us your views on Savient Pharmaceuticals (SVNT Quote) and Arena Pharmaceuticals (ARNA Quote)?

Arena and its experimental obesity drug. Not much has changed with Arena except for the company's stock price. It's lower. These days, that doesn't qualify as news.

Yasha emailed me on Monday at 4:05 pm, after Savient's share price was absolutely shellacked, down 74% on that day alone. I'm assuming he wants to know if the selloff was warranted, or if there is any reason to hope for a rebound. ...