David Dodd 2:53 a.m., May 21
Ligand Pharmaceuticals Stock Plummets 35 Percent As FDA Thumbs Down Developmental Drug
Stock of San Diego biotech Ligand Pharmaceuticals is down 35.10 percent at 9:40 a.m. today (Wed., May 28) as an advisory committee of the Food and Drug Administration said that GlaxoSmithKline's blood-clotting disorder drug Promacta is no more effective than a placebo. For 11 years, Ligand has been a partner with Glaxo on the drug. Glaxo's stock has remained steady today, but Ligand's stock has plunged 35.10 percent or $1.26 to $2.33 a share. It got as low as $2.16, the lowest the stock has been in ten years. The FDA normally follows the advice of its advisory panels.