From the land of oranges and alligators...
Is it nap time yet?
Onyx (ONXX) story in a nutshell? Docs can't wait to get their hands on it for RCC patients. Wall Street thought the progression free survival should have been 8 months instead of 6 months. Result? Happier kidney cancer companies and a 17% drop in the stock price. Go figure (that shouldn't be seen as a recommendation to buy the name, just an illustration of how crazy biotech is sometimes).
Genentech (DNA) story? Avastin is the new miracle drug and Herceptin's potential market is now doubled. That was last week's news, apparently, so it's down 2.5%.
Biggest wish here at ASCO? That Sugen was still its own company so we could buy based on the SU11248 data without buying all Pfizer's (PFE) baggage. Sugen was purchased in 1998 for $650M by Pharmacia (later acquired by Pfizer). Popular estimate of what Sugen's market cap would be after all the positive data seen so far? $2.5-$3B.
Other Buzzworthy companies:
Medarex (MEDX) for their anti-CTLA-4 drug MDX-010. Often mentioned in presentations, decent early data. Competitive drug in development by Pfizer, but Medarex gets royalties on it, too. Partnered with Bristol-Meyers (BMY) earlier this year, in Phase III trials for malignant melanoma.
Cell Therapeutics (CTIC) gets the award for best spin. Its big trial (STELLAR 2) showed the drug numerically underperformed Taxol in every category and had worse side effects (outside less hair loss). The trial data was so jumbled the only thing it "proved" was that PS2 lung cancer patients should go to Russia for treatment because patients treated there in this trial lived months longer than patients treated elsewhere regardless of whether they got Xyotax or Taxol. Since they showed statistical significance against another chemo in a different trial (but not statistical significance overall) and issued a masterful press release, the stock is up 6%.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap Newsletter