Bad CORT

CORT is looking nasty on the chart at the moment. It was up 7% at lunchtime but has completely reversed that and is currently down 5% at $3.24. I think that an approval is probably unlikely but thought there was a good chance that the stock would rally coming into the decision date. I imagine there are many out there who take the more optimistic side of the argument and think that the FDA will grant approval given the unmet need in Cushing’s syndrome. Backing this up, there has been some activity in the March $2/50 calls today with very little happening on the put side. We shall see. I will be watching closely.

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