Corvas: Boutique days are over

Biotech companies may complain about the fickleness of Wall Street, but given their lack of earnings, public investors are actually remarkably patient. Nevertheless, if investors don't see steady progress, eventually they turn their attention elsewhere.

Corvas International Inc. found itself in just such a situation, as other cardiovascular companies moved ahead in the clinic and onto the market with products. With the company seemingly stuck in early development, investors moved on. The stock has languished in the $4-$5 range all year, and in fact has traded at $2-$6 since late 1993...