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Stock of biotech Amylin soared 16% to $23.50 today (March 15) as the Food and Drug Administration sent the company a letter that Wall Street considered positive. Amylin is developing a drug for diabetes named Bydureon. The FDA's letter did not ask for additional tests, but focused on labeling questions -- a better result than markets had expected. A Massachusetts-based company, Alkermes, which is providing technology for Bydureon, also benefitted: its shares rose 14.7% to $14.01. Best, Don Bauder
Stock of biotech Amylin soared 16% to $23.50 today (March 15) as the Food and Drug Administration sent the company a letter that Wall Street considered positive. Amylin is developing a drug for diabetes named Bydureon. The FDA's letter did not ask for additional tests, but focused on labeling questions -- a better result than markets had expected. A Massachusetts-based company, Alkermes, which is providing technology for Bydureon, also benefitted: its shares rose 14.7% to $14.01. Best, Don Bauder