Where The Bear Lurks
Only a year ago, Matritech Inc. was a darling of Wall Street--a classic "momentum stock." The Newton (Mass.) company is developing new methods of diagnosing cancer, and over four months early last year, enthusiastic investors drove up Matritech's share price by 300%. "The stock was taking off like a rocket," says Matritech's chief executive, Stephen D. Chubb. But in recent months, the momentum has gone into reverse. Despite generally favorable news and buy recommendations from analysts, institutions have begun to drift away. Matritech shares that traded at $18 last May now change hands at about $5.
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