I had never heard of Furiex Pharmaceuticals (NASDAQ:FURX) before Tuesday. Despite having two approved drugs, and a third in phase III clinical trials, the company flew largely under the biotech radar. However, it was hard to miss the news Tuesday when positive results in their phase III trials in diarrhea-predominant irritable bowel syndrome (IBS-d) sent the stock from $46 to over $118 in the first minutes of trading.
Clearly, something had gone very well for Furiex, but with the price moving so quickly there wasn't much time to analyze the situation. Luckily, the company and its pipeline are fairly small and simple so due diligence was relatively easy. Eluxadoline, the IBS-d drug which just completed the phase III...
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