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Depomed (DEPO) is down over 60% today to $1.85, a new 52-week low. The stock has been as high as $5.83 during the period.
It is yet another small cap biotech that was a "one trick pony". But, in this case, the pony died.
According to the AP the company said "results of a late-stage clinical trial of its Gabapentin GR extended release tablet for nerve pain didn’t show significant effectiveness versus placebo."
There was not much to say for the company before the announcement. Last year, it lost almost $42 million on revenue of less than $10 million.
But, before its collapse DEPO had a market cap of $200 million.
Go figure.
Douglas A. McIntyre
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