Sell-side analysts talk about earnings disappointments
Seattle-based biotech PathoGenesis was riding high on tobramycin. Trade-named Tobi, it was a promising, easy-to-use new form of inhalant, and the drug had been approved by the FDA in December 1997 for use by cystic fibrosis patients to fight off the chronic lung infections that plague them. Last year, Tobi generated sales of $60.7 mn and, seeing the inhalant as a big moneymaker despite the occasional contrarian view, Wall Street had pushed shares of the company sky-high.
Then, on March 22,
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