Part 3/9:
One of the stark losers from ASCO was Immunomedics, a small-cap company aiming to develop cancer drugs. The disappointment stemmed from a last-minute decision by ASCO to revoke the company’s approval for an oral presentation about its drug targeting triple-negative breast cancer. The revocation was based on a violation of embargo rules rather than the drug’s efficacy. This abrupt change led to a 14% drop in share value, illustrating how sensitive investor sentiment can be to conference news.
Harjes and Campbell noted that such volatility often leads to short-term trading behaviors that may not be wise for long-term investors.