Sell The News In Regeneron Pharmaceuticals

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Regeneron Pharmaceuticals REGN shares are trading lower by $16 at $510.09. The sharp decline is taking place despite the company receiving FDA approval for Praluent. The issue was halted for the entire day on Tuesday pending the outcome of the decision. It may be the case of run-up in the issue ahead of the announcement was too much for the issue to continue to rip higher when the announcement was actually made, After settling at $518.62 last Thursday, it tacked on over $20 in Friday's session ending the day at $539.40. The continuation move on Monday took the issue to all new time at $544 on Monday before falling back to close at $526.09. When the halt was lifted around 7:00 PM on Tuesday, it managed a brief pop to $533.90 before the sellers came in groves. The ensuing decline took the issue all the way to $498.60 before staging a rebound backover $500. That marks the lowest level for the issue since it bottomed on May 19 at $493.31. Today's decline is taking place on heavier than average volume. So far 1.1M shares have changed hands compared to its 20 day average of 750k with over four hours remaining in the session.