Adam Feuerstein
The Biotech-Stock Mailbag returns once again. I'm here to answer your questions on all things biotech, so please drop me a line here.
Reader Will S. asks about Genitope (GTOP Quote - Cramer on GTOP - Stock Picks). "Another company with spotty fundamentals, but possibly a breakout cancer vaccine," he writes, adding that "I think it's the next Dendreon (DNDN Quote - Cramer on DNDN - Stock Picks)." I actually wrote this mailbag a week in advance because I needed a few days off this week, so Will's letter is a bit old. Given the Dendreon news Wednesday, I'm sure he doesn't want Genitope to be the next Dendreon anymore! But it may not have any choice. I have serious doubts about Genitope and its cancer vaccine, known as MyVax, that is currently involved in a phase III trial of follicular non-Hodgkin's lymphoma patients. This MyVax study essentially (not directly) pits the vaccine against Genentech's (DNA Quote - Cramer on DNA - Stock Picks) Rituxan, which is a monster drug in non-Hodgkin's lymphoma. That always seemed ridiculous to me, and I never had any faith in a positive outcome. But I really want to detour a bit because any discussion of Genitope has to touch on Jonathan Aschoff, the biotech analyst at Brean Murray, Carret & Co. These days, Aschoff is best known -- some would say notorious -- for his bearish stance on Dendreon. He hates Provenge, thinks the product doesn't work and won't ever receive FDA approval. He has a sell rating on Dendreon and a flinty $1.50 price target. Well, Aschoff was right about Provenge this week. Needless to say, Aschoff is not exactly admired by the Dendreon faithful! (He may actually get more hate mail than I do.)
RSS
