GOP Lawmaker Loses $17 Million After Favorite Pharma Stock Plunges
- Chris Collins is biggest shareholder in Australia’s Innate
- Shares down 92% after trial of experimental drug fails
Representative Chris Collins, a Republican from New York, speaks at the Republican National Convention in Cleveland on July 19, 2016.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
A Republican congressman’s hot biotechnology stock pick just went south.
Representative Chris Collins suffered a paper loss of A$22 million ($16.7 million) after Innate Immunotherapeutics Ltd. said a mid-stage trial of its experimental treatment for multiple sclerosis showed no effect in helping patients. The New York congressman is the biggest shareholder, with 17 percent of the Australian drugmaker. After the data was reported Tuesday, the shares fell 92 percent in Sydney to less than 5 Australian cents.