Spanish biotech Zeltia shares slump – twice – on Reuters FDA reports

Shares of biotech company Zeltia twice plunged last week as Reuters was ahead with news about a drug rejection by regulators. They plunged 19 percent on July 13 after Reuters reported U.S. regulators had a series of concerns about the company’s proposed drug for ovarian cancer. Dow Jones followed Reuters by more than 20 minutes, while Bloomberg reported the stock move more than an hour later. Then Reuters on July 15 had headlines beat Dow Jones by 6 minutes and Bloomberg by 20 minutes with news of the official FDA rejection. Johnson & Johnson is partner for the drug. Zeltia’s shares initially fell by as much as 46 percent.