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Lexington, Mass., Drug Maker's Stock Plummets on Poor Antibiotic Performance.
Knight Ridder/Tribune Business News, January, 2002
By Naomi Aoki, The Boston Globe Knight Ridder/Tribune Business News
Jan. 18--Shares of Cubist Pharmaceuticals Inc. fell 46 percent yesterday on news that the company's antibiotic failed to prove it was as effective as a rival drug in treating a severe form of pneumonia.
The Lexington company's stock closed at $17.02 a share on the Nasdaq Stock Market in unusually heavy trading, down $14.73 from the previous day's close.
The stock began a rapid descent after Wednesday's close when the company announced that results from a pneumonia study of its antibiotic, Cidecin, fell short of the study's goals.
The news was particularly devastating because Cidecin would be Cubist's first marketed product. The company had planned to seek...
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