Pain Therapeutics Plunges and 1 Stock Slipping to 52-Week Lows
Pain Therapeutics (NASDAQ:PTIE) shares plummeted following Pfizer (NYSE:PFE) reporting on its earnings conference call that it will conduct additional tests of Pain Therapeutics’ painkiller drug, Remoxy, says the research firm C.K. Cooper. Pfizer is collaborating with Pain Therapeutics to develop and commercialize Remoxy, and anticipates the results from the most recent tests by early next year, according to a note to investors earlier Thursday. However, Pfizer seems to be less confident in Remoxy than it was previously, and there now exists a greater risk that Pfizer and Pain Therapeutics will not request FDA approval of the medication, reported CK Cooper, which reacted by downgrading shares of Pain Therapeutics from Buy to Hold. Meanwhile, shares of Durect Corporation (NASDAQ:DRRX) are sinking sharply, brcause Remoxy was formulated with its ORADUR technology, and the firm licensed the development and commercialization rights for Remoxy to Pain Technolgies, as stated on its website. In early afternoon trading, Durect shares plunged 58 cents, or 41 percent, to 79 cents. PTIE shares closed down 36.62 percent on the day at $2.96, but have traded in a 52-week range of $3.41 to $5.86.
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R.R. Donnelley & Sons Company (NASDAQ:RRD) estimates its fiscal year 2012 revenue at between $10.1 billion and $10.2 billion, with consensus of $10.37 billion. Shares closed unchanged on the day at $10.02, having been traded in a 52-week range of $9.95 to $16.75.
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