BioCentury
ARTICLE | Finance

ASCO's damp squib

May 30, 2000 7:00 AM UTC

Market watchers look to the annual meeting of the American Society of Clinical Oncology (ASCO) as a springboard to drive the industry through the quiet summer months. Fundamental progress at this year's meeting, however, fell on deaf ears, as 28 of the 30 biotech companies reporting efficacy data traded down over the week (see "This Weeks Selling on News?).

The sour performance raises the question of what drivers could propel the industry through the summer. "If stocks perform well during ASCO, we usually have short summer doldrums. If they perform poorly, the doldrums could be more significant," said Prudential Vector Healthcare analyst Rob Toth...