Absorbing GelTex's story

Despite having a marketed product, a second product under FDA review and a new U.S. marketing partnership, GelTex Pharmaceuticals Inc. has seen its valuation plummet over the past year. Going forward, the company plans to focus on its pipeline in the hopes that investors will catch up to the story.

GELX shares have been under pressure since their 52-week high of $29 in January, closing last week at $11.875. The decline may be more a penalty for failing to meet Wall Street expectations rather than any fundamental change in GELX's situation...