Shares of Sarepta (SRPT) plunged 27 percent on Thursday after the Food and Drug Administration finalized procedures for expanding access to unapproved drugs. TheStreet's Adam Feuerstein reports that under the new process, the FDA may be pressuring Sarepta to provide a drug used to treat Duchenne muscular dystrophy on a 'compassionate use' basis instead of granting accelerated approval. Feuerstein says Sarepta could be a 'financial loser' in this situation as the company could charge for expanded access to the drug but only to recoup manufacturing costs. In the meantime, Sarepta will still need to find investors to fund ongoing clinical trials of the drug.
More from Video
How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.