Back in February, Hana announced that a delay of FDA approval was caused by an unidentified precipitate during manufacturing of the U.S. formulation of Zensana. HNAB was down more than 35% during mid-day trading on Friday, while Novadel was down less than 10%.
I still believe in Novadel, and think it has a bright future. Later on in 2007, other FDA filings are expected to be submitted for the company's other products. But until then, I believe that there are other opportunities available in other stocks. I have sold my shares of Novadel for the time being, and will keep on eye on the stock. If the company hits its target dates with the expected FDA filings later in 2007, and it looks like the target date for the re-filing of Zensana is on schedule, then I may buy back in. Andrew Vaino seems to share my views.
Personally, I believe that Novadel can do better than Hana, and I have said that before. I think Novadel should end its agreement with Hana and find a new partner, if any associated charges are not excessive.
Disclosure: Author owns shares of Bruker BioSciences.
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NVAD vs. HNAB vs. BRKR 1-yr chart