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ASCO's Abstract Release Day: Preview

How do I know which research gets applause and which research is ignored?

That's where I can help, hopefully. I'll be at the ASCO meeting this year, reporting on the all the hits and misses.

What happens to the hot ASCO stocks once the meeting ends?

Ah, investors should be aware of the post-ASCO selloff. Historically, stocks that run higher into the ASCO meeting sell off once the meeting ends. Investors often take profits post ASCO, regardless of how strong the data presented might be.

Shares of Celldex, for example, surged into the start of the 2009 ASCO meeting but sold off quickly once the meeting ended. That's not an unusual trading pattern.

Oncogenex Pharmaceuticals (OGXI) was another hot stock from ASCO 2009, but it defied the odds and continued to rise well after the ASCO confab ended.

If there's a system to reliably predict which ASCO stocks sell off and which continue to move higher, I haven't heard or seen it. Experienced stock traders tend to have a better sense of how this works, but unfortunately, I'm not a trader.

-- Reported by Adam Feuerstein in Boston.

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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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