Biotech Values

[Mufaso]

Alas, holding the data close very to the vest appears to be the norm for obesity trials. It's easier for large companies to get away with this behavior insofar as they can argue that the decision whether to reveal the detailed dataset does not meet the SEC's materiality threshold.

You make a good point. It is the crux of why the SEC (and the European Securities and Markets Authority (ESMA)) should look into this recent practice. They are supposed to protect investors from misinformation. Not releasing tolerability info with weight loss data on obesity drugs is lying by omission with the intent to deceive IMO. Pressers from NVO, AMGN and now Roche have caused huge market cap swings (approaching $10B!). The effect on smaller market cap companies is also something that can't be ignored. It is unfair and this practice should be stopped.

I can see press releases from mid stage trials from LLY on their compounds (e.g. Tirzepatide and Retraglutide) where they were much more forthcoming. The case of Retraglutide is especially noteworthy as they released outstanding weight loss numbers along with tolerability info (some of which raised questions.) That was the right thing to do.