NEW YORK (TheStreet) -- TheStreet's senior columnist Adam Feuerstein and Gregg Greenberg talked about the research abstracts ahead of the American Society of Clinical Oncology event later this month.
Overall, biotech companies were mostly trading down following the release, something many investors may not have expected from such a strong showing of cancer relief methods.
"The new cancer drug data we got from ASCO last night was really strong, but for Wall Street, that was expected," Feuerstein said. "Many of these stocks traded up into the ASCO event, so they're selling off today," he added.
Greenberg was curious about what he considered some of the winners and losers. According to Feuerstein, Bristol-Myers (BMY) , Halozyme Therapeutics (HALO) and Gilead Sciences (GILD) had the strongest outings. Feuerstein believes Gilead's leukemia product in particular "looks strong."As for the losers? Infinity Pharmaceuticals (INFI) failed to impress with Feuerstein noting, "of the three drugs, Infinity looks like it might be in last place" when comparing it to other competitors. Investors noticed as well, with the stock closing lower Thursday although it is higher Friday. --Written by Bret Kenwell in New York.
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