drisapersen -- also an "exon skipping" drug, like eteplirsen -- seems to work as well, and there's plenty of room for both drugs in this market. I'm staying with my long recommendation, and will take a very close look at Prosensa's initial public offering if the company chooses to pursue that path.
I've had other modest successes on the long side. Although I still feel hesitant about the long-term commercial opportunity in hepatitis C, I
in late July. The stock has risen 37% since that column. Unfortunately, I got a little too cute with my trading and advised waiting for a pullback below $50 per share. Gilead's shares came close but never quite passed that threshold, so I should really only get half credit. Lesson: if you want to own a stock over at least the medium term -- for me, that means six to nine months -- buy a bit right away if the price seems reasonable and worry about building a larger position on pullbacks or weakness over time.
Gilead feels pricey here, for good reason, but the stock probably continues to work into year-end. Even so, investors should consider taking partial profits. Expectations for sofosbuvir (formerly GS-7977) in Hep C are sky-high and Street analyst estimates already reflect a continued successful launch of Stribild in HIV. I worry about whether the stock can continue it's astonishing run through 2013 without another major upside surprise.
Although I correctly predicted
(CELG - Get Report)
Abraxane would work in pancreatic cancer
, shares remain basically flat, pending announcement of the detailed phase III data at the American Society of Clinical Oncology's (ASCO) Gastrointestinal Cancers Symposium in early 2013. That presentation, which I expect to be positive, should stoke investor excitement. If it doesn't, investors should move on, as it likely indicates that shares are due for an extended pause. (Celgene has had a lot of positive news in recent months.)