On the Line: Nastech Pharma CEO Dr. Stephen Quay
Cramer was blunt in how he feels after recommending Nastech Pharmaceutical after speaking with the company’s CEO last week: “I want to bash myself in the head for Nastech,” he said on Wednesday’s show.
The stock lost nearly 40% of its value on Wednesday’s open after news surfaced that Procter & Gamble had terminated a partnership with Nastech on a nasal spray used to treat osteoporosis. Quay had expressed confidence about the deal with Procter when he was on the show last week.
P&G is one of the best companies in America, as far as Cramer is concerned. He’s not sure why investors would want to be involved with a company that makes a drug that P&G rejected.
Appearing on Mad Money again, Dr. Stephen Quay, CEO of Nastech, told Cramer it appeared P&G broke out of its partnership because Nastech wasn’t able to achieve the dosage it wanted. Quay called it a “timing issue,” saying his company will continue to do trials on the nasal spray at higher doses and phase II data on the drug, as well as Nastech’s other insulin and obesity drugs, is expected next year.
The bottom line? No one ever made a dime panicking, as Cramer likes to say. The jury is still out on NSTK down over $5. Cramer took responsibility for calling the stock a buy just last week. “Someone screwed up,” he said. “I’ll take the blame."
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