Receptos (RCPT) has given its shareholders a pretty wild ride, even for an early-stage biotech. Up around 125% from when I wrote on it as a Top Idea and 39% from my Christmas Eve update, the intervening time has seen the shares shoot up to $55 (90% higher than the price on Christmas Eve) on expectations for strong Phase II data and rumors of a buyout before the shares were cut in half over two months as that speculation cooled and momentum investors bailed out of biotechs.
Now the roller coaster is shooting higher again as those strong Phase II data on RPC1063 in relapsing multiple sclerosis have materialized. Receptos still has to successfully complete its Phase III study,...
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