Zosano Pharma Corp (NASDAQ:ZSAN) opened 78 percent higher Monday on news that it met both co-primary endpoints in the ZOTRIP pivotal efficacy migraine trial.
However, the effect was swiftly mitigated by Martin Shkreli’s Facebook Inc (NASDAQ:FB) post contradicting investor instinct.
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Following the post, Zosano shares fell 2.6 percent on high volume to a low of $1.92.
Competitor Immunomedics, Inc. (NASDAQ:IMMU), which had tanked more than 7 percent on Zosano’s initial announcement, did not recover off Shkreli’s post. At the time of publication, the stock was trading down 8.3 percent from its opening price.
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