ARTICLE | Finance

Upside to turndown

Jazz non-committal on future of JZP-6 for fibromyalgia after FDA turndown

October 18, 2010 7:00 AM UTC

Jazz Pharmaceuticals Inc. (NASDAQ:JAZZ) rose $0.40 to $10.51 last Monday, despite receiving a complete response letter from FDA for JZP-6 sodium oxybate treat fibromyalgia, and the shares continued to move up to finish Friday at $11.31, gaining $1.20 (12%) on the week.

The news didn't catch investors off guard, as the stock took a 16% dip to $8.57 the last week of August on the heels of a negative panel vote for the compound. But when handed the official word, Jazz last week did not commit to forging ahead, suggesting that it might find better uses for its resources...