It is an ironic end to a bizarre story. ImClone’s Erbitux cancer drug was approved yesterday, but trading had to be halted before the good news because the drug’s company’s stock fell 21%.
Yes, fallen. Why the tumble? Because daytraders were diligently spreading the word that Erbitux was about to be rejected by the FDA.
It wasn’t rejected, of course. But the errant rumor-mongering triggered yet another ImClone-related investigation — number 7,732, I think.
I wonder who this investigation will bring low, alongside Sam Waksal and Martha Stewart. Perhaps Kermit the Frog. I’ve always thought he looked shifty.