Don't forget. The ASCO 2011 abstracts are being released tonight at 6 ET.
We've done pretty well with the ASCO 2011 trades so far. We took 49% and 110% gains on Medivation (MDVN). We took 28% on half of Dendreon (DNDN). And we banked close to 40% on half of Exelixis (EXEL) in Options Trading Pit.
But tonight is the night that could launch these names even higher... even before the June conference.
If investors like what they see in the abstracts, each of the above-mentioned stocks could fly.
But for those wanting to wait until the conference gets closer, remember this.
What We Like for 2011 ASCO
Between now and the June 2011 conference, we've got a close eye on prostate cancer and treatments.
Prostate cancer is big news in cancer treatment circles. It's the most common cancer in the world, with more than 230,00 new cases diagnosed every year.
More than 27,360 prostate-related deaths have been reported in recent years. And there are no early symptoms of the conditions.
As such, any company boasting treatment that can help prostate cancer sufferers stands to explode.
Check out ASCO presenter Dendreon (NASDAQ: DNDN). The company stands to skyrocket to $100 share (eventually) on news that Medicare will cover the $93,000 price tag for its advanced prostate cancer treatment drug, Provenge.
For Medicare to pay out $93,000 for that treatment says a lot about the seriousness of prostate cancer...
Going into the 2011 ASCO conference, it'd be nice to see a repeat of the 2010 May stock jump.
We're also keeping a close eye on Exelixis Inc. (NASDAQ: EXEL).
The company is said to be working with Goldman Sachs to field takeover offers after experimental prostate drug XL184 was found to help men whose prostate tumors reached the bone.
While the stock has run up nicely since November, a tightly coiled spring indicates further upside is a possibility going into ASCO.
Analysis of XL184, an advanced candidate in EXEL's pipeline, showed that 18 of 20 prostate cancer patients “achieved either complete or partial resolution of lesions on bone scan...”
Top that off with the fact that EXEL now owns the rights to the drug after Bristol-Myers Squibb gave them back, and any positive news from ASCO could send this stock skyward.
Also watch out for Medivation (NASDAQ: MDVN) and its MDV-3100.
According to studies, MDV-3100 “impedes movement of the androgen receptor to the nucleus of prostate cancer cells...”
Pre-clinical data published in April 2009 also shows that this treatment was superior to AstraZeneca's prostate cancer drug Casodex (bicalutamide). We're hoping to hear ASCO reports on its Phase III interim analysis.
Again, positive news on Phase III interim reports will only serve to boost shares of Medivation.