This morning shares of Australian biotechnology heavyweight, Sirtex Medical Limited (ASX: SRX), are down more than 54%…
Source: Yahoo Finance
After entering a trading halt yesterday, an ASX announcement earlier today stated Sirtex's lead liver cancer trial SIRFLOX was "not statistically significant in overall Progression-Free Survival."
As fellow Motley Fool writer, Darryl Daté-Shappard, wrote earlier today, "High expectations for the company have been building over the past year, as the market waited for the clinical trial results."
Some analysts appeared to even go so far as to expect a positive result when doing their share price forecasts. One investment bank recently put a $50.40 per share price target on Sirtex.
Is Sirtex a buy?
Following the fall Sirtex could prove to be a great buy at today's prices of around $18 per share. Although SIRFLOX didn't live up to investors' broader expectations, the company said it did in fact show, "a statistically significant improvement in Progression-Free Survival in the liver."
This could prove to be a viable growth avenue for the company, over time. My advice for investors would be to wait until the dust has settled and until we get more news flow from the company.
