Exponential Volume Alert: Vanda Pharma (VNDA)

Posted in General 
July 28th, 2008

Vanda Pharmaceuticals, Inc. (NASDAQ: VNDA) is one of the leading volume stocks this morning on NASDAQ. Unfortunately for holders, it is a major downside volume alert to yet another 52-week low.  An FDA non-approvable letter is the culprit.

The biotech is down now more than 60% at $1.24 and its prior 52-week trading range was $2.70 to $19.62. As of 9:44 AM EST we have already seen more than 10 million shares trade hands. As this now has a mere $33 million market cap, it looks like we’ll see more than its entire float trade hands today. This one isn’t a true biotech zombie yet, but you’d never know it if you were just looking at its stock chart.

This is now under its cash levels on the books, but it will burn through much cash to fulfill its FDA obligatiosn to proceed.

Jon Ogg
July 28, 2008

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