CHICAGO ( TheStreet) -- Snap biotech and drug stock judgments after a weekend spent at the American Society of Clinical Oncology (ASCO) annual meeting:
(BMY) anti-PD-1 immunotherapy generated the most ASCO buzz and has blockbuster potential across several solid tumors.
Yes, Johnson & Johnson (JNJ) created a bio-statistical mess by stopping the Zytiga "pre-chemo" prostate cancer trial too soon, before a statistically significant survival benefit could be demonstrated. No, it won't stop FDA from approving.
Medivation (MDVN) and its prostate cancer drug MDV3100 emerge from the ASCO weekend stronger, not from any significant new clinical data, but because the company can capitalize on J&J's stumbles.Dendreon (DNDN) loses. Provenge has formidable competition in the "pre-chemo" prostate cancer treatment market. The only thing positive for Dendreon this weekend was that investors expected ASCO to be bad for the struggling company. But if Provenge sales stall through the end of the year, the stock can go lower. Onyx Pharmaceuticals (ONXX): Good and bad. Carfilzomib is a real multiple myeloma drug but investor sentiment remains pessimistic about the outcome of the upcoming June 20 FDA advisory panel meeting.
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