FDA questions take BioMimetic shares on mini-rollercoaster

So it appears investors don't quite know what to think about a short update BioMimetic Therapeutics executives filed this morning with the Securities and Exchange Commission. In their filing, BioMimetic's brass say they have received an informal notice from FDA examiners asking for more information about the Augment Bone Graft treatment that's under review. That's bad, right? Right, so down went BioMimetic shares (Ticker: BMTI) around 9:30 a.m. Central, dipping to $7.19 from their $7.64 opening price.

But then BioMimetic's filing also says the company already has answered some of the questions, will finish its responses to the others in a few weeks and still expects to get final word on Augment's approval between April and January. That's good, so the shares bounced back: A little after 10 a.m., they were changing hands at $7.85, their highest in a year and up almost 3 percent on the day.

But the picture surely can't be that rosy, some investors thought and quickly booked their gains, pushing BioMimetic back into negative territory on the day by noon Central. Hey, we still have a few hours of trading left...