The FDA Panel of lung experts voted 9-3 in favor of approval of Intermune’s drug perfenidone for idiopathic pulmonary fibrosis.
The stock was 15 at the end of February(see raygent.com last week) and reached 37 after hours tonite.. The IBB (biotech ETF) should exceed a Five Year high tomorrow above 90 and is approaching the 2001 high of 100.
REPRISE: A more favorable FDA backdrop combined with the continuing M&A action should keep the biotech sector perking.