Every year analysts set aside time to take a close look at the most significant study data being dumped ahead of the annual ASCO meeting. And this year the preview warranted a 20 percent bump in the share price for OncoGenex Pharmaceuticals.
Investors responded quickly to Simos Simeonidis' conclusion that new mid-stage data on OncoGenex's prostate cancer drug OGX-011 could prove that it's more effective than Dendreon's Provenge. Another big winner was Exelixis, which posted data for an experimental brain cancer drug partnered with Bristol-Myers Squibb. And shares of Genomic Health were buoyed by evidence that its colon cancer test could offer an effective tool in determining the need for chemotherapy.
The ASCO meeting gets underway May 29 in Orlando, but ASCO decided to start dumping data in advance after it became more than evident that doctors were leaking the supposedly confidential data to investors ahead of time.
- read the report from the Wall Street Journal
ALSO: Bloomberg looks at a string of biotech companies that are hoping to make a splash at ASCO in order to gain the attention of big pharma partners. Report
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