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Biotech Stock Mailbag: Labopharm

It's too early to tell if Celldex is the next Dendreon, but interim data from an ongoing, phase II study of CDX-110 in newly diagnosed GBM patients will be presented on Saturday, June 5 at the American Society of Clinical Oncology's annual meeting. This study, known as ACT-III, treats GBM patients with CDX-110 in combination with radiation and the chemotherapy drug temozolomide.

Looking at the Celldex chart, it appears the stock has already started to move in anticipation of the ASCO meeting. The ACT-III data are a key catalyst for the stock moving forward, so they're something for investors to focus on.

ASCO will post online research abstracts for the annual meeting on May 20 at 6 p.m. EDT. I don't know how much of the ACT-III data, if any, will be contained in the abstract.

I'm still putting my ASCO stock list together. Celldex is on there, so is Arqule (ARQL). Others in contention are Pharmacyclics (PCYC), Celgene (CELG), Sunesis Pharmaceuticals (SNSS) and Bristol-Myers Squibb (BMY). This isn't an exhaustive list. Let me know your favorite ASCO stock.


Speaking of Cell Therapeutics, I was pleasantly surprised to read so many supportive emails in response to my column suggesting that CEO Jim Bianco should resign for the good of shareholders. I'm still waiting for him to take my advice.

George P. writes, "The Bianco piece is the best article that you have ever written. It should get a Pulitzer."

Phil O. agreed. "Well done, Adam. Never owned the stock but appreciate the call to an incompetent CEO. We need more of this."

Harry asks, "Out of curiosity, what is your beef with Cell Therapeutics if you don't own or short this stock? ... It seems you want to slime the guy with as much punch and venom as possible. Without reading the garbage on the message boards, let's hear it from you -- what's your beef?"

I'm trying to prevent biotech investors from throwing their money away in a bad stock. Emails like this one from Gerald P. are the reason I write about Cell Therapeutics.

"Great report, Adam. I watched my father lose most of his savings on this stock because a broker told him to buy in 2006 and buy hard. I have watched it over the years and it is frustrating. I hope your article saves some people some of their hard-earned money."

Me too, Gerald. And thanks for your email.

-- Reported by Adam Feuerstein in Boston.

Follow Adam Feuerstein on Twitter.

Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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