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NEW YORK (Dow Jones)Speculation that Guilford Pharmaceuticals Inc. (GLFD) will issue negative news about the Phase II trial of its drug to treat Parkinson`s disease pressured the company`s stock Thursday, driving it down 17%. The market talk came ahead of a scheduled secondquarter conference call from Amgen Inc. (AMGN), Guilford`s partner in the drug trials. Investors apparently fear that Amgen will address the issue in the call. Officials for Amgen and Guilford weren`t immediately available for comment. "So far the speculation is unfounded," said Andrew Gitkin, an analyst for UBS Warburg. He added that as of Wednesday, Guilford wasn`t expecting Amgen to disclose new information about the trials. Whether unfounded or not, the drop in Guilford`s stock price certainly pleased shortsellers. Short interest in Guilford`s stock rose 49% from May 15 to June 15, according to the latest data available from Nasdaq. More than 1.16 million shares of Guilford were reported then as short. Guilford started Phase II trials in partnership with Amgen about a year ago. The companies are testing neuroimmunophilin ligands in the treatment of Parkinson`s disease. Guilford shares recently traded down $3.65 at $18.35 on volume of 1.9 million. Average daily volume is 257,800 shares. Amgen shares recently were down $1.47, or 2.5%, to $57.71 on volume of 2.2 million, compared with average daily volume of 8.3 million. |
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| aus der Diskussion: | GUILFORD PHARMACEUTICALS - PART III |
| Autor (Datum des Eintrages): | francoir (26.07.01 18:35:40) |
| Beitrag: | 42 von 66 (ID:4061454) |
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