This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Biotech Stock Mailbag: ASCO

Stocks in this article: DCTH BMY CELG SNSS CTIC OXGN CLDX

@moorepd1 tweets, "@adamfeuerstein, your analysis of Delcath from ASCO was incorrect. Go listen to CEO Eamonn Hobbs' Jefferies presentation."

Along the same vein, Thomas O. complains, "The Delcath data at ASCO got better, survival is extended and patient lives are being saved, yet you still find ways to trash it. No doubt you're working hard to help your short-selling hedge fund buddies. Shame on you."

The Delcath data presented at ASCO appeared to get better, but it didn't.

Treatment with Delcath's CS procedure delayed the time before liver tumors started to grow or death by 6.5 months compared to patients treated with best alternative care, according to the ASCO presentation by lead investigator Dr. James Pingpank.

That data topped results reported by Delcath in an April 21 press release, which pegged the benefit for CS patients at just under 5 months compared to best alternative care.

Except Delcath pulled a data switcheroo. The results from the CS phase III study announced April 21 were confirmed and verified by an independent lab; while at ASCO, Pingpank presented his own analysis of the data, which was not independently confirmed.

The FDA, of course, only considers independently confirmed data, which means Pingpank's presentation at ASCO (6.5 month benefit) exaggerated the true efficacy of Delcath's CS procedure (about a five month benefit.) The independent data are still fine, but just not as good.

To address Thomas's point about survival, the true answer is no, Delcath's CS procedure did not result in a survival benefit. That's because more than half of the patients receiving best alternative care crossed over once their tumors started to grow and received treatment with CS.

Delcath says that patients randomized to the CS procedure initially reported a median overall survival of 298 days compared to just 124 days for patients treated with best alternative care who did not cross over to receive a CS procedure.

The problem with this survival analysis is that it skews in favor of the healthiest BAC patients likely able to cross over to CS, while under-counting very sick BAC patients who probably couldn't tolerate the CS procedure and therefore didn't cross over.

5 of 6

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs