Transcept Biggest Loser, Near Cash Value (TSPT)

Transcept Pharmaceuticals, Inc. (NASDAQ: TSPT) is getting destroyed and is today’s largest percentage loser by far.  The FDA did not approve the comjpany’s experimental sleep disorder drug called Intermezzo.  The reason was over safety issues, but the FDA has requested additional data that might require more studies. At 9:00 AM EST we have shares trading down all the way at $6.16, down 46% from the $11.47 closing price.  We also have seen some 181,843 shares trade hands, double the 88,000 average.  The market cap was $150 million before the cut, so you can cut that almost in half today. The company had $73.6 million in cash and short-term investments on hand at the end of the June 30 quarter. -JON OGG