My third investment ever was in Biotech, PRAN on the NASDAQ. I bought 5000 shares at $1.51 in late 2011. By February 2014 it as $12. There is much much MUCH more to this story, but I was convinced their trial would meet it's primary endpoint. It didn't. I sold my shares pre-market for $3.83. And it was a nosedive after that. Delisting notice came eventually, reverse split. I think it trades around a .68 equivalent now.
A money manager I was working for recently had himself and clients in GALE. He bought it cheap and was sitting on a triple digit gain when we talked about it. I checked the FDA schedule and told him to sell before 6/29/16. He didn't. All the positions were down 80% that morning. I think it damaged our relationship a bit.
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