Merck takes a tumble on FDA rejection news
April 29, 2008 by Tisa Silver
Filed under Finance
Shares of the pharmaceutical giant, Merck, plunged 10% today on news that the FDA has rejected the company’s new cholesterol drug, Cordaptive.
The company’s stock has been battered in recent months, dropping about 36% since December.
The Cordaptive snub has deepened Merck’s recent decline but, this is no death sentence.
Prognosis: Bruised but not broken…shout out to Joss Stone for a great song :)
