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Why Shares of Inotek Pharmaceuticals Sank 23% in September
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What happened?
Biotech stocks were sold off in September, as the iShares Nasdaq Biotechnology ETF (NASDAQ: IBB) fell 9% during the month.
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What happened?
Shares of Inotek Pharmaceuticals (NASDAQ: ITEK), fell much harder, down 23% in the month.
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So What?
Inotek did not release any news during September, so the sell-off likely had nothing to do with the company itself.
Inotek’s lead drug Trabodenoson, a potential glaucoma treatment, is entering phase 3 clinical trials this quarter. Top-line data is expected in 2016.
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Now what?
Trabodenoson holds huge potential, with peak sales estimates around $900 million.
Inotek completed a $79 million public secondary offering in August, so it appears to be well capitalized.
If you liked Inotek before the sell-off, I see no reason to change your opinion now.
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