4 ms·
A U.S. senator buys random pharma stock the day before it announces their renal drug passed a trial, and then sold immediately after announcing.
by three_seagrass 7y ago
A U.S. senator buys random pharma stock the day before it announces their renal drug passed a trial, and then sold immediately after announcing.
- totalZero 7y agoSo he traded the catalyst.
- three_seagrass 7y agoKeryx didn't apply for FDA approval until months later.
- missedthecue 7y agoYou're assuming some senator would have access to confidential FDA reports. This is not likely to be the case. What is likely to happen is people betting on new biotech issues. This looks like it is what happened. He turned about to right on that occasion.
- three_seagrass 7y agoThat's a straw man. The pharma company hadn't even applied for FDA approval yet.
- missedthecue 7y agoSo it was random price action? No catalyst? Then to cry insider trading is beyond absurd.