Amylin Shares Plunge 10.28 Percent; Diabetes Drug Byetta Comes Up Short
Stock of biotech Amylin Pharmaceuticals plummeted 10.28 percent today (April 21) as the company reported weak sales of its franchise diabetes drug Byetta. In its first quarter, the company lost $68.8 million or 51 cents a share, compared with a loss of $49.4 million or 38 cents a share in the same quarter a year earlier. Analysts were extremely disappointed, since Byetta is Amylin's big seller and future hope. The stock finished the day down $3.23 at $28.18. Among lower-priced stocks, software producer Imageware Systems plunged 27.07 percent to 90 cents. Right after the close, the reason for the drop was not immediately clear.
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