The rally of 2023 continued on Thursday, with the biggest gains seen in the Nasdaq Composite (NASDAQINDEX: ^IXIC) as more key companies continued to release favorable earnings reports. The Dow got its biggest contributions from a pair of companies in very different industries. Oil giant Chevron (NYSE: CVX) announced shareholder-friendly plans for its capital that were both impressive and raised eyebrows among certain market participants. Read More...
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Down 30% in a Day, Is Catalyst Pharmaceuticals Doomed?
Shareholders of Catalyst Pharmaceuticals (NASDAQ: CPRX) got a nasty shock on Jan. 23 when the company reported that a competitor, Teva Pharmaceutical Industries (NYSE: TEVA), was planning to make a generic version of its only marketed drug, Firdapse. With Catalyst’s shares falling 30% in a day before slightly recovering, it’s clear that the market is interpreting Teva’s actions as severely threatening, and it’s reasonable for investors to wonder if it’s time to start looking for the door. First, let’s take a moment to understand what Firdapse means for Catalyst Pharmaceuticals.
