Puma Bio, embroiled in controversy over its breast cancer drug neratinib, is turning away some investors and at least one analyst from a company event scheduled for next Monday night during the annual meeting of the American Society of Clinical Oncology.
The hotel ballroom doesn't have the capacity to accommodate the "much larger than expected response" to Puma's investor/analyst meeting. "We regret to inform you that due to this response, we are unable to confirm your reservation or accommodate you on June 1," says an email sent over the past week to people denied entry to the gathering. As an alternative, Puma is offering a webcast of the event.
Tom Shrader, a research analyst at Stifel Nicolaus, received the "you can't come to our meeting" email sent by Puma. Shrader covers Puma with a hold rating.
At least one well-known healthcare hedge fund manager was also sent that same e-mail. He asked that his name not be disclosed because he plans on using alternative means to attend the event.
Puma's investor gathering is being held at the Renaissance Chicago Downtown Hotel. According to the hotel's web site, the conference/ballroom reserved for the event can accommodate up to 300 people.
Restricting access to a corporate event might not be such a big deal if not for Puma's penchant for selectively disclosing important information to people deemed friendly to the company.