Atomic Bob's Stock Forum - The Golden Thread

GOP Lawmaker Loses $17 Million After Favorite Pharma Stock Plunges
By Doni Bloomfield and Brandon Kochkodin
June 27, 2017, 12:42 PM EDT
Chris Collins is biggest shareholder in Australiaâ€™s Innate

Shares down 92% Tuesday after experimental drug didnâ€™t work

Republican congressman Chris Collinsâ€™ hot biotechnology stock pick just went south.

Collins suffered a paper loss of A$22 million ($16.7 million) after Innate Immunotherapeutics Ltd. said a mid-stage trial of its experimental treatment for multiple sclerosis showed no effect in helping patients. The New York congressman is the biggest shareholder in the Australian drugmaker. After the data was reported Tuesday, the shares fell 92 percent in Sydney to less than 5 Australian cents.

Innateâ€™s stock, sold in an initial public offering in December 2013, had gradually risen through 2016 before soaring early 2017 to peak at $1.77 on Jan. 25.

Collinsâ€™ office didnâ€™t return a call seeking comment.

more:
http://www.bloomberg.com/news/articles/2017-06-27/gop-lawmaker-loses-17-million-as-favorite-pharma-stock-plunges

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