Stock Collins bought and touted collapses after drug trial failure
WASHINGTON – Shares of the Australian biotech firm that Rep. Chris Collins touted to other members of the House and to leading Buffalo-area figures collapsed in value Tuesday after the company announced its once-promising new drug for multiple sclerosis had failed in clinical trials.
Innate Immunotherapeutics stock, valued as high as $1.77 a share in January, quickly fell to 5 cents a share at the close of trading on the Australian Stock Exchange.
Analysts in Australia said prospects for the company's future appears grim.
Innate's stock "looks extremely risky and I would avoid it at all costs," Sean O'Neill, an analyst at the Motley Fool website, wrote Tuesday morning.
http://buffalonews.com/2017/06/27/value-stock-collins-lawmakers-bought-loses-value/
Adam Khan Retweeted Scott Wong
Congressman who pitched failed Australian drug lost $16+ million.
@RepChrisCollins also raised more money from PACs than from individuals…
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