Shares of Alexza Pharmaceuticals, Inc. Tumble Over 50% Following FDA Disapproval

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"Shares of Alexza Pharmaceuticals, Inc. (NASDAQ:ALXA) declined 55% earlier Monday, following an announcement by company officials that the Food and Drug Administration did not approve its potential treatment for patients suffering from agitation due to schizophrenia, reports MarketWatch. SmarTrend alerted subscribers to take profits in Alexza Pharmaceuticals on October 05, 2010 at $2.84, since then the stock fell 51.8%. We are now watching for any positive developments that could result in a new uptrend signal."