Sell On ASCO News Due to High Expectations?
Large Cap Drugs Outperform Biotechs
Bristol Myers (BMY $47.59) a highly recommended stock, soared again 3.43% on more news about Yervoy (ipilimumab) in combination with nivolimub in a Phase 1 trial that had a 53% response rate.
Significant action among biotech stocks:
Biomarin (BMRN) was off 4.6% with good results on a cancer drug showing the risk of high ASCO expectations even with good news in a frothy market.
Celldex Therapeutics (CLDX $13.44) up 5.12% with good volume of 3M on no ASCO news but a speculative player with a good cancer drug pipeline in immunotherapies. Celldex has clinical stage products for glioblastoma, breast cancer and leukemias.
Daily Double One we missed: Clovis Oncology (CLVS $74.59). Phase 1 results for NSCLC boosts stock 38 pts! Clovis announced ongoing Phase 1/2 Results for BRAC-mutant ovarian cancer. 89% clinical benefit rate.
Onyx Pharamceuticals ( ONXX $93.16) was off 2.4% despite favorable Phase 3 data for thyroid cancer.
Seattle Genetics (SGEN) , a Rayno focus stock, was up 2.2% on a highlighting of ADC collaborator programs,
As noted in an earlier post today most biopharma stocks sold off today in profit taking as the sector is up 30% YTD and ASCO News is much anticipated. The sector was down more than 3% at 12 EDT before a steady recovery to being down 1%, helped by a positive market overall.