Major Volume Alert: Savient Pharma (SVNT)

Posted in pre-market 
August 3rd, 2009

Savient Pharmaceuticals (NASDAQ: SVNT) is among the worst performers on an FDA disappointment.  The company has received a complete response letter from the Food and Drug Administration.  The FDA said that it can not approve the company’s Biologics License Application for Krystexxa at this time as a treatment for chronic gout in patients refractory to conventional therapy.  As of 8:00 AM EST we have already seen 900,000 shares trade hand and this one is down 35% at $10.00 after closing at $15.59 Friday.  The average daily volume is about 3.5 million shares, although we would expect to see nearly all of that by the open today.

Jon C. Ogg
August 3, 2009

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