During the trading week beginning on July 9, the markets were suffering from reinvigorated talk about how Europe's economic storm could again hamper any recovery of the global markets. That wasn't the case last week, however, as repeated days of rallying markets launched the DOW back over the 13,000 mark again as headlines from Europe reinforced the worlds of top officials that have declared that the European Union is committed to solving the problems of Spain, Greece and others without threatening the viability of the Euro Zone.
Given the strong market rally last week, even while some major American companies reported sub par earnings, investors will be looking towards the coming week with some enthusiasm - and like last week, between earnings and a slew of other developing stories in the markets, there's plenty of action to grab investors' attention.
Amarin Corporation (AMRN): As most expected, Amarin Corporation received FDA approval for AMR-101 - now to be known as Vascepa - on Thursday evening, but company shares traded as much as twelve percent lower through the following trading day on Friday. Given all the hype surrounding the expectations of approval and the subsequent drop in AMRN share price, this one will continue to be a hot stock to watch during the coming week.
Amarin's drop may not have come as a surprise to many, as the trend in the sector these days is to see shares of a company receiving an FDA approval drop after the announcement. Such a drop may disappoint the latecomers to the game, but these drops usually follow a nice period of runup into the pending decisions. This allows the more speculative event-based traders the opportunity to buy in and then bank out with a profit when the 'buy the rumor, sell the news' phenomena completes its cycle.
Horizon Pharma (HZNP): Horizon Pharma also received a key approval last week, when the FDA gave the nod for the company's rheumatoid arthritis treatment, Rayos, to hit market. Like Amarin, Horizon shares have also had an outstanding price run over the past couple of months, but also like Amarin, shares slid immediately following the announcement of approval.
As I described last week, Horizon does not have some of the remaining catalysts that Amarin does that would be necessary to ward off a longer and more protracted price drop following the FDA news.
Synergy Pharmaceuticals (SGYP): Trading was mixed last week for shares of Synergy Pharmaceuticals, recovering from an early-week swoon to close Friday up by over three percent. Last week was the first full week of trading following the company's announced merger agreement with Callisto Pharmaceuticals (CLSP) that is due to be finalized by the end of October, according to a company press release, linked above.
Cytosorbents Corp (CTSO): Cytosorbents was tagged with a rating of 'Buy' last week by analysts at Brean Murray. The coverage was initiated as the company undertakes the commercial launch of its potentially breakthrough blood purification product, CytoSorb, in Europe.
Given the small size of the company and considering its limited resources, it took a slow and methodical approach to reach this very significant milestone since the European medical authorities approved the product well over a year ago.
Facebook (FB): It looks to have been a severe case of "selling high" when company insiders and other relevant entities went public with Facebook just a couple of months ago, as the IPO milked every last dollar it could from the ordeal. There's essentially nothing wrong with such as strategy, as the Mets are trying to "sell high" on Daniel Murphy right now, too, but the consequence is a following of retail investors who initially bought into the hype and as a result, now feel 'un-friended.'
Zynga, Inc. (ZNGA): Speaking of potential fads, shares of online-game maker Zynga, Inc have cratered to the three dollar range, far off the 52-week high of fifteen bucks, after earnings disappointed last week. ZNGA fell by over thirty percent immediately following the report, mainly due to a slowdown in revenue created from its Facebook games. Zynga is the largest game-provider to Facebook, but recent changes to the way Facebook lists its games resulted in Zynga games getting the boot from the front pages.
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