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Back in July, after polling a group of trusted health care fund managers, I called
(GNTA) one of the
It seems like that prediction has come true.
Genta said Wednesday that Genasense failed to significantly extend overall survival in patients with advanced skin cancer, according to results from a large, phase III clinical trial.But despite the negative results shown in the study's primary endpoint, Genta is claiming victory and says it is filing the drug for approval with the Food and Drug Administration. The question left unanswered is what happens to Genta's stock today. Will investors believe the company's spin? Or will they look at the Genasense data and note that the melanoma study's primary endpoint -- the most important, clinically relevant goal of the study -- came up way short? Genta has always been a battleground stock between longs and shorts. Wednesday's announcement is only going to intensify the fighting, which I reckon will go on for a long time.