Feuerstein Sees PARD as Case of “Sell On News”
According to Adam Feuerstein, there is a high possibility of Poniard Pharmaceuticals (NASDAQ: PARD) trading down on Monday. PARD had yesterday declared at the American Society of Clinical Oncology (ASCO) meeting that it had met the primary goal of a phase II study for its experimental chemotherapy drug, picoplatin. The study indicated that the drug was able to reduce the severity of nerve damage in patients undergoing treatment for colon cancer.
As investors had anticipated the positive picoplatin data, PARD’s shares had soared by 22% to $2.61 on Friday. Feuerstein believes that the better side effects profile of picoplatin, which had failed the phase III study in small cell lung cancer, has come at the cost of efficacy. As a result, Poniard Pharmaceuticals has downplayed the announcement of the efficacy results.
Although Feuerstein is unsure of how the stock will fare today, he says it seems a clear case of “sell on news” to him.
