CryoCor Inc. (CRYO-NASDAQ) is trading up almost 100% in early trading today. Last night the company announced that an FDA Advisory Panel had recommended backing the company’s pre-market approval application for the company’s treatment device for atrial flutter (ahead of the formal vote in August).
Back on June 25, all the way back to Monday, this stock took a beating. The FDA had posted its review stating that the device that uses extreme cold to treat defective heart muscle did not show overwhelmingly safe or effective results in company studies. Shares fell from $4.40 down to $2.77 at the close on Monday. Now shares are back up to $4.95.
This just goes to show how volatile and unpredictable the FDA can be. If you don’t believe that the FDA is becoming more and more unpredictable, go ask a certain maker of a last line of defense for prostate cancer about it. CryoCor has a 52-week trading range of $1.25 to $7.35, and its market cap based on a $4.95 price is only $60 Million.
Jon C. Ogg
June 28, 2007
Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.
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