BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX)

no no no

BioCryst stock has roared northward from the December low of 2.29 along with many other dubious biotechs in the counterintuitive rising tide of 2012. In some cases it was a recovery long overdue. In the case of BioCryst, not so much. The activating catalyst seems to be gout drug BCX4208, whose phase IIb data was released to a loud collective yawn last October. The lack of awesomeness of the data is well-summarized here http://www.thestreet.com/_yahoo/story/11269023/1/biocrysts-gout-drug-fails-to-impress.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA . Does BCX4208 look like it's worth a 130M enterprise value?

Fodosine hasn't been mentioned since weak phase II data in 2010. That leaves peramivir, a troubled infuenza drug that the company has been struggling to advance for more than ten years. In fairness, the intravenous form of peramivir is now in a phase III trial with results expected in mid-2012, but given prior failures I have low expectations. BioCryst may be rising on broad market strength and biotech acquisition froth but I think they're going to be one of the first stocks thrown under the bus when the worm turns.