Cypress BioScience (Nasdaq: CYPB) 1-Year Chart
Cypress Biosciences (CYPB) is set for two major trading catalysts over the second half of this year in the form of a PDUFA decision date by the FDA on 10/31/08 for milnacipran in the treatment of fibromyalgia (FM) and results from a third Phase 3 trial of the drug for the same indication. Cypress Bio has a partnership deal with specialty pharma company Forest Labs (NYSE: FRX), with the potential for total upfront & milestone payments of $200 – $250 million in addition to ongoing royalties on product sales.

The stock has bounced off its 52-week lows from mid-June when Eli Lilly’s (NYSE: LLY) Cymbalta was approved by the FDA for FM. The two drugs work similar, although Cymbalta is already approved and the FM indication was merely a label expansion for LLY. However, most analysts concluded that milnacipran …

Big Banks are dying, WaMu (NYSE:WM) hit $6.05 and BofA (NYSE:BAC) hit $29.34 today. It's one thing for Crocs Inc (NASDAQ:CROX) to hit $9.03, but our U.S. financial institutions?  Good Lord. Other 52-week lows include (via 247WallSt.com): AMBAC (ABK) Sells off to $2.02 after downgrades. The 52-week high was $89.33. MBIA (MBI) Also hit by downgrades and drops to $4.78 from 52-week high of $68.98. Wachovia (WB) Flamed. Down to $18.22 from 52-week high of $54.54. Gatehouse (GHS) Newspapers still hit hard. Falls to $3.50 from 52-week high of $19.64. McClatchy (MNI) Another newspaper company sells off to $7.77 from 52-week high ...

Bank of America, National City, and American International are all at 52-week lows. Countrywide Financial and Wachovia are almost there, too.

Oh and those home builders? The ones Wall Street experts fell all over themselves to re-recommend earlier this year? Don’t look now but they’re faltering again:

Condo and single-family home builder WCI Communities recently plunged as low as $1.45. The company is losing money hand over fist and Standard & Poor’s just downgraded its corporate credit rating deeper into junk territory, citing concerns over the firm’s liquidity. A bankruptcy filing can’t be ruled out.

Standard Pacific — a California-based builder — went for $6.50 as recently as early April. It’s worth a bit over $2 now. No wonder: The company lost …