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Biotech La Jolla Pharmaceutical stock is down a whopping 91.42 percent this morning (Feb. 12) to 19.8 cents -- quite a half-day plunge. The company said it would stop developing its lead drug candidate, an experimental treatment for lupus. An efficacy analysis showed negative results. One analyst says La Jolla's cash may only last until May. The experimental drug, Riquent, was the company's only clinical-stage drug candidate, according to Reuters. La Jolla was developing it with another firm, BioMarin Pharmaceutical.
Biotech La Jolla Pharmaceutical stock is down a whopping 91.42 percent this morning (Feb. 12) to 19.8 cents -- quite a half-day plunge. The company said it would stop developing its lead drug candidate, an experimental treatment for lupus. An efficacy analysis showed negative results. One analyst says La Jolla's cash may only last until May. The experimental drug, Riquent, was the company's only clinical-stage drug candidate, according to Reuters. La Jolla was developing it with another firm, BioMarin Pharmaceutical.