For Biotech Investors, ASCO's Now an Open Book
For the first time, the American Society of Clinical Oncology is opening its books to everyone.
Research abstracts for the ASCO annual meeting -- the largest and most important cancer research meeting of the year -- will be posted online and made accessible to everyone in advance of the meeting, TheStreet.com has learned.
ASCO decided to enact the new "open" policy for its annual meeting research abstracts after enduring years of criticism that it was facilitating the selective disclosure of potentially market-moving information.
"We recognize that we needed to level the playing field," says Allen Lichter, ASCO's executive vice president and CEO, adding, "There were implications beyond the science of the meeting. This is clearly the right thing to do."The organization has had a policy of mailing abstract books exclusively to its many thousands of members about two weeks in advance of the start of its annual meeting, which is held every spring. These books are chock-full of research data from clinical trials scheduled for presentation at the meeting. Much of this is highly investable information, and that is why many investors went to great lengths to obtain early access to the books. ASCO tried to prevent its members from discussing or sharing research abstracts, with little success. Inevitably, there were ASCO data leaks, which led to volatility in the trading of biotech cancer stocks. Prior to last year's meeting, for instance trading in Onyx Pharmaceuticals (ONXX), ImClone Systems (IMCL) and Genentech (DNA), among others, was affected.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV