ImClone Drops on Negative Pancreatic News
ImClone is trading between 7 and 8 percent lower this afternoon as I write this and here is why:
Needless to say I'm really disappointed by this news. I was so hoping for positive results out of this trial, not only for the obvious reasons of price appreciation to a stock that I happen to own a lot of, but also for the fact that tens of thousands of people who are diagnosed with this particularly hard-to-treat form of cancer will now not receive a more powerful weapon with which to fight it.
On an investing note, I sold all my shares early this afternoon for an average price of $39.181. I am considering either buying some Aug. $40 call options or else perhaps simply buying back the shares I sold—hopefully at a lower price. I do still believe the data to be released at ASCO the 1st week in June will drive the price higher, but things are just a bit too dicey right now to be making any hasty moves. I've decided to wait for the dust to clear somewhat.
NEW YORK, April 10 /PRNewswire-FirstCall/ -- ImClone Systems Incorporated (Nasdaq: IMCL) and Bristol-Myers Squibb Company (NYSE: BMY) today announced that a Phase III study of ERBITUX(R) (Cetuximab) plus gemcitabine (a chemotherapy) in patients with locally advanced unresectable or metastatic pancreatic cancer did not meet its primary endpoint of improving overall survival.Link to the whole story.
Needless to say I'm really disappointed by this news. I was so hoping for positive results out of this trial, not only for the obvious reasons of price appreciation to a stock that I happen to own a lot of, but also for the fact that tens of thousands of people who are diagnosed with this particularly hard-to-treat form of cancer will now not receive a more powerful weapon with which to fight it.
On an investing note, I sold all my shares early this afternoon for an average price of $39.181. I am considering either buying some Aug. $40 call options or else perhaps simply buying back the shares I sold—hopefully at a lower price. I do still believe the data to be released at ASCO the 1st week in June will drive the price higher, but things are just a bit too dicey right now to be making any hasty moves. I've decided to wait for the dust to clear somewhat.
2 comments:
If they could come up with something to help pancreatic patients I'd venture back into the stock market. My mom died from that and it is the worst of the worst, usually misdiagnosed and too late to do anything about when they finally figure it out. Painful? You bet.
Ms. Elenaeous, I can sympathize with your feelings on that matter. I watched my mother die from cancer that originated in her bladder. It had not spread, but after they operated, thinking they had removed the whole tumor and following up with chemotherapy, it came back with a vengeance. It metasticized to the bones in various parts of her body and it wasn't long before it took her away. I went through the whole gamut of emotions from denial and anger to fear and total helplessness. I'm getting angry at cancer all over again as I'm writing this. I hate it.
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