Identifying the good biotech companies is not the difficult part. The difficult part is trying to guess how the market will react (I recall Jim McCamant making a similar statement on CNBC).
I think this statement applies to IMCL going into ASCO. I’m positive on IMCL on multiple levels (Erbitux data, lung data, K-Ras, and pipeline).
I think that K-Ras data is a long term positive for IMCL; however, this data could also be used to argue that there will be decreasing sales (at least initially).
I’m debating adding to my position in the low 40s. I can envision a 10-20 point increase following the data. I can also imagine a pull back to the low 30s.
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