Wyeth’s (WYE) shares are off 10% over the last three months, and trade near their 52-week low.
The stock is about to go lower. The company disclosed the receipt of an action letter from the (FDA) in response to the New Drug Application for bifeprunox, an antipsychotic that was reviewed for the acute treatment of schizophrenia, as well as the maintenance of stable adult patients
Last month the FDA declined to approve that company’s new antidepressant drug Pristiq.
It look like the beginning of a pattern.
Douglas A. McIntyre