ASCO is leaking again.
Important cancer research data that were supposed to remain confidential and under wraps until next month's annual meeting of the American Society of Clinical Oncology have, instead, been leaked to select investors this week. The result is volatility in the trading of some biotech cancer stocks. ImClone Systems (IMCL Quote) fell 6% Tuesday and dropped another $1.48, or 3.6%, to $39.85 on Wednesday because an ASCO research abstract that detailed results from a study of Erbitux in colon cancer made its way onto Wall Street trading desks. I made two phone calls Wednesday morning and was able to obtain specific data contained in the Erbitux abstract, which comes from the so-called Crystal study and was not supposed to be made public until the ASCO meeting, which starts June 1. ASCO rules forbid me from revealing the Erbitux data, but needless to say, the stock's reaction tells you the data are disappointing from an investor perspective. Chatter about ASCO abstract data is also responsible for moving the stocks of Genentech(DNA Quote), Regeneron Pharmaceuticals(REGN Quote) and Onyx Pharmaceuticals (ONXX Quote), from what I can tell.| Do you think ASCO's policy of selective disclosure is fair? Answer Here |
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