(briefing.com) 14:37 BSTE Biosite -- possible reasons behind relative weakness (61.03 -5.02)
According to sources we are reaching in regards to Biosite and the subset of data presented from the European portion of its triage stroke diagnosis panel earlier today, there seemed to be two issues: 1) There seemed to be expectations that BSTE's Discovery product would come up with new proprietary markers related to ischemia and stroke that could be patented; we're hearing that following the presentation, it wasn't clear that the panel had a 100% proprietary marker. 2) Some doctors who spoke on the call seemed concerned that they didn't need BSTE's M.M.X. test as a stroke diagnostic tool, as a CT scan would suffice, especially if the patient was brought in for treatment within 6 hrs... In addition, checks suggest that rollover during the conference call has more to do with some investors/traders' high expectations going into the event that BSTE would deliver very upbeat data. With analysts and investors seemingly not over-impressed by the data, the 8 pts rally over the past week left the stock vulnerable to profit taking. Obviously, the intraday downgrade of the name didn't help either, but the stock started to slip well before the downgrade was circulated. BSTE is currently beginning its 2nd conference call of the day. Will keep you updated if there is anything new presented.
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