Ebb & Flow

Market watchers may have found it strange that CV Therapeutics traded up following Tuesday's bearish FDA panel meeting on CVTX's Ranexa ranolazine to treat chronic angina. But the stock had fallen below cash on Monday, when the agency posted its review of the NDA, which raised strong concerns over the strength of its safety and efficacy data.

CVTX fell $4.55 (27%) to $12.21 on 16 million shares on Monday, valuing the company at $364.8 million, compared to the $461.9 million it had in cash and marketable securities at Sept. 30. The company does have $296.3 million in long-term debt, but it's got some breathing room: $196.3 million of the debt matures in March 2007, and the remaining $100 million matures in June 2023. ...