Ramesh K. writes, "Adam, you used to write very highly of Progenics ( PGNX) when it was launching Relistor. What are your thoughts of the company today, now that Progenics has taken back rights to Relistor from Wyeth ( WYE)?" Sometimes you really nail a stock call cold. But then, the warm, confident feeling turns into over-confidence, so instead of taking the victory lap and moving on, you stick around the stock too long and all those gains disappear. That's the story of Progenics and me. I made a great long call on this stock in March 2008 with the stock at $6 right before a crucial FDA approval decision for Relistor, the company's injectable constipation drug. When Relistor was approved to treat end-of-life hospice patients in April 2008, Progenics went to $12.
Craig S. writes, "What do you make of all the insider buying by Josiah T. Austin for Chelsea Therapeutics ( CHTP). This guy is buying up shares on a daily basis. Do you have any idea why?" I don't but he was, and continues to be, a large shareholder in the company. Perhaps he's doubling down on the stock after the disappointing results from the first phase III study of droxidopa, announced earlier late last month. I wrote about the long trade idea for Chelsea going into the second phase III study results here.
Bruce C. clearly needed to get something off his chest after reading my BioBuzz item on Geron ( GERN). "You wrote that Geron's proposed spinal drug "has safety problems" as if it was a certainty. What a mis-statement and mis-representation that is. The safety issue is NOT a certainty as you write that it is. If you were a journalist, you would have written that it MAY have a safety issue, but to say that it DOES HAVE a safety issue is simply not truthful and it shows your bias and lack of professionalism. You are NOT a journalist! In fact, I have seen enough of your articles over the years to be fully qualified to say that you are nothing but a full-fledged LIAR and you that have some sort of hidden agenda is perfectly clear. You are doing your best to spin or outright lie this company as far away from the truth as you can. You are a dope. What a jerk!"
The last (long) email comes from Scott B. and its about our old friends at Hemispherx Biopharma ( HEB): "Let me preface this by saying I do not buy and sell stocks on the advice of journalists, analysts, etc. However, you do raise an interesting point when you state 'the agency must convene an advisory committee meeting to review new classes of drugs. So, if FDA is close to approving Ampligen, why hasn't the agency scheduled an advisory committee meeting?' "Well, I have continually questioned this even before you wrote about it. I even contacted