The lead-up to the big ASCO meeting in two weeks is being marked by some interesting gyrations in the stock of several big companies preparing to make presentations. The culprit: Embargoed data released to 24,000 physicians in advance of the meeting has provided some clear insight into what will soon be announced. Everyone who gets the data is supposed to keep the information under wraps and not do anything like buy and sell stocks based on what they see. But who's kidding whom?
As a result of the data download, ImClone shares shed nine percent of their value, Regeneron is down 15 percent and even mighty Genentech is off three percent. One winner is Onyx, which is up 10 percent. It is nothing unusual, say analysts. The weeks ahead of ASCO typically sees plenty of movement in share price as insiders gain an edge on other investors. Organizers say that they're more interested in serving members rather than Wall Street.
- here's the report in the Wall Street Journal (sub req.)
Related Story:
GSK lays claim to ASCO spotlight Report