anything is possible, but I am banking that it is a combination of a general sell off in bios (CELG, RCPT, ICPT are also selling off among others) and some games to get some weak holders out of the stock.
Sale is the ultimate trick. Could easily make the case his hire means something is cooking now and perhaps imminent. That's as likely as the scenario in which he has been brought on board to get the ducks in a row and start shopping it-the process to which you allude.
Of course one could also construct a negative scenario. Something like Salix and he's been brought in as a step in correcting things. I view that as unlikely but some people like to read things into a tape.
Many of the bio's have been selling off after ASCO, this is a great buying opportunity, it will all come back in a big way, I would bet my friends life on it!
Sentiment: Strong Buy
That's not a negative outcome. Our perhaps you're confusing "triple negative" as such but I doubt it. So you know this is not negative. The evaluation of the market size is something completely different yet this was not an unknown before this data release.
=== As Medivation (MDVN) tries to expand its sole product Xtandi beyond metastatic prostate cancer, the company late Monday reported some positive trial news on use in breast cancer--but the commercial opportunity is quite small. Xtandi has become a leading prostate-cancer treatment, with Sanford C. Bernstein predicting $6B in 2020 sales. But it is MDVN's only product, and it partnered with Astellas (4503.TO) on it. At the American Society of Clinical Oncology meeting yesterday, researchers said Xtandi showed activity in a mid-stage trial in so-called triple negative breast-cancer patients who are expressing high levels of the androgen receptor. But that's a small patient population and the duration of treatment is short, which Bernstein estimates will limit the US sales potential to around $350M/year. MDVN is down 4.4%, putting the week's pullback at 7.1%.
The simplest explanation is somebody(ies) is checking out, for reasons of their own, at a time when there is some hesitation overall and lackluster demand to check in. The funadmental picture is unchanged, the macro picture is hazy as usual and there's some interest-rate anxiety zzzzzzzzz I sound like a rehash of a week's worth of bs Yahoo headlines. The of the new chief counsel is very intriguing. Frankly the company is ripe to be sold to a foreign pharma that can reap the tax benefits and gut the cost structure. Just my 2 cents.