BOSTON ( TheStreet) -- The American Society of Clinical Oncology (ASCO) annual meeting ended Tuesday with nearly all of the biotech and drug companies that presented at the big cancer drug confab trading off sharply. Good data or bad, stocks were down on a surge of post-ASCO selling.
For those new to investing in so-called "ASCO stocks," the breadth of the selling probably came as a shock. Veterans to this game know better. Post-ASCO selling is the norm, not an exception.
One of the biggest post-ASCO losers was Delcath Systems (DCTH), whose shares have dropped 37% this week. Delcath, maker of a drug/device that clears tumors from the liver, was also at the center of the ASCO confab's biggest kerfuffle. Bulls and bears argued over the clinical data presented by the company Saturday and the commercial prospects for its device.
I've been in the bear camp on Delcath mainly because I believed the stock, which was at $15-16 a share heading into the ASCO meeting, was over-valued.
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The ASCO Weekend Live Blog Recap
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