One side effect of this volatile market is a bad headache. In fact, over 300 million people worldwide suffer from them but relief could be around the corner. The FDA might soon approve the first new prescription drug for migraines in 15 years. They say no pain - no gain; so what’s the trade?
CNBC's Chief Pharmaceutical Correspondent Mike Huckman joins the guys for this conversation. Here are excerpts of what was said.
Huckman explains that this promising new migraine drug is called Trexima and it’s from GlaxoSmithKline (GSK) and Pozen (POZN), jointly. Huckman adds if the drug is approved by the FDA The Street speculates that Pozen (POZN) could pop to $22 but if it’s not approved Pozen could drop to $13.
Huckman also says that HMO’s are cutting back on the amount of prescription medication that they allow migraine patients to have. He says this could hamper revenue that’s generated by this new drug.
On a related note, Huckman says Allergan (AGN) is in phase 3 testing for Botox on migraine patients.
Pete Najarian likes Glaxo – and says Trexima could be a blockbuster.
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Trader disclosure: On Aug 1st 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (DIS),(ATVI) Najarian Owns (GS), Bolling Owns (DIS), (T), Bolling Has Closed Out Of His Short S&P Futures Trade, Bolling Has Closed Out Of His Short Nasdaq Futures Trade