Oxford BioMedica had some promising data to report at a medical conference in Berlin, but investors may not have gotten the news. Oxford's stock initially dropped 18 percent this morning after the company confirmed that its drug TroVax had failed a trial--something that the developer had announced months ago. That failure had prompted Sanofi-Aventis to hand back rights to the drug in the spring.
But the company today reported that a subset of patients could benefit from the drug.
"This is a classic case of the market reading the headline (old news) and not understanding the real implication of the detailed data," said Ian Wainwright, Managing Director of Life Sciences Specialist Sales at Canaccord Adams. "(The data) in fact shows TroVax works if you pre-select patients most likely to respond via a blood test."
- read the story from Reuters