Web Extra: Burned by Salix Pharma

A long position in Salix Pharma looked like a hot trade but all it did was burn Joe Terranova. So what does he have to say about this stock now?

The Liquidator made the fateful call on February 16^th as a bet on the company’s pipeline.

“Another name I bought, Salix Pharmaceuticals, SLXP,” he said at the time. “It’s got a nice IBS drug coming down the line.”

Unfortunately betting on the company’s irritable bowel drug ended up being a pain in the you know where.

After the FDA asked for further tests, shares of the company plunged. They’re 20% lower since Terranova said to go long.

So what does he say now?

Find out in this web extra. Watch the video now.

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Trader disclosure: On March 22, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Tim Seymour is Long (AAPL); Tim Seymour is Long (CCJ); Tim Seymour is Long (CSCO); Steve Cortes is Long (TM); Steve Cortes is Long (GS); Steve Cortes is Long (CSX); Steve Cortes is Long (SDY); Steve Cortes is Long (SO); Steve Cortes is Long Crude Oil; Steve Cortes is Short (F); Steve Cortes is Short (C); Steve Cortes is Short (UNP); Steve Cortes is Short (SPY); Steve Cortes is Short (DBA); Steve Cortes is Short Wheat; Steve Cortes is Short Soybeans; Steve Cortes is Short Corn; Steve Cortes is Short CAD/USD; Steve Cortes is Short EUR/USD; Joe Terranova is Long (C); Joe Terranova is Long (VRTS); Joe Terranova is Long (GS); Joe Terranova is Long (PNC); Joe Terranova is Long (USB) ; Joe Terranova is Long (JPM); Joe Terranova is Long (UPL); Joe Terranova is Long (CREE); Joe Terranova is Long (MS); Joe Terranova is Long (PBR); Joe Terranova is Long (BAX); Joe Terranova is Long (POT); Joe Terranova is Long (FCX); Joe Terranova is Long (CVE); Joe Terranova is Long (CVI); Joe Terranova is Long (SU); Joe Terranova is Long (TEVA); Joe Terranova is Long (IBM); Joe Terranova is Long (BTU); Joe Terranova is Long (CNX); Joe Terranova is Long (XOM); Joe Terranova is Long (DIS); Joe Terranova is Long (MCD); Joe Terranova is Long (RSX); Joe Terranova is Long (CNQ)

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