For Imclone, It's ASCO and Ye Shall Receive

Imclone(IMCL Quote) is looking like the belle of the American Society of Clinical Oncology cancer research ball.

Shares of the small New York biotechnology firm rose 4% and were among the Nasdaq's most active at Monday's opening bell as investors reacted with glee to the company's strong showing at ASCO's annual meeting, which began Saturday in San Francisco.

But that enthusiasm could be somewhat tempered because the company appears to be facing a longer-than-expected approval process for its groundbreaking cancer drug. ...