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Stock of San Diego biotech Ligand Pharmaceuticals is down 35.10 percent at 9:40 a.m. today (Wed., May 28) as an advisory committee of the Food and Drug Administration said that GlaxoSmithKline's blood-clotting disorder drug Promacta is no more effective than a placebo. For 11 years, Ligand has been a partner with Glaxo on the drug. Glaxo's stock has remained steady today, but Ligand's stock has plunged 35.10 percent or $1.26 to $2.33 a share. It got as low as $2.16, the lowest the stock has been in ten years. The FDA normally follows the advice of its advisory panels.
Stock of San Diego biotech Ligand Pharmaceuticals is down 35.10 percent at 9:40 a.m. today (Wed., May 28) as an advisory committee of the Food and Drug Administration said that GlaxoSmithKline's blood-clotting disorder drug Promacta is no more effective than a placebo. For 11 years, Ligand has been a partner with Glaxo on the drug. Glaxo's stock has remained steady today, but Ligand's stock has plunged 35.10 percent or $1.26 to $2.33 a share. It got as low as $2.16, the lowest the stock has been in ten years. The FDA normally follows the advice of its advisory panels.