Provectus' current speculative bid likely to end badly, Feuerstein writes

|About: Provectus Biopharmaceutical... (PVCT)|By:, SA News Editor

Speculative manias tied to Bulletin Board cancer drug stocks usually end badly, and TheStreet's Adam Feuerstein thinks there is nothing to suggest the mania surrounding Provectus Pharmaceuticals (PVCT -6.5%) will be any different.

PVCT shares have soared from $0.80 in December to $6.03 earlier today, doubling in price in the past seven days, amid rumors that FDA officials may sanction an accelerated approval filing of PVCT's long-delayed skin cancer drug PV-10.

While shares surge on speculation that the FDA wants to be more lenient with PV-10's approval pathway, "the more sensible explanation is exactly the opposite... Given the huge advances in melanoma care today, FDA might be telling Provectus that it cannot proceed with the phase III study, as planned," Feuerstein writes.