If you blinked you could have missed it…
After plummeting more than 55% yesterday, shares of biotechnology heavyweight Sirtex Medical Limited (ASX: SRX) today soared as much as 30% in afternoon trade.
After popping out of its trading halt yesterday morning, Sirtex Medical shares quickly dropped from their previous close price of $39.00 to a low of $15.12, following the release of what appeared to be terrible clinical trial result for its flagship liver cancer drug.
However, whilst the technology did not show a statistically significant improvement in overall Progression-Free Survival, the SIRFLOX trial did show a statistically significant improvement in Progression-Free Survival in the liver.
This small nugget of positive news is likely the reason investors have once again jumped on the Sirtex bandwagon.
Detailed analysis of the SIRFLOX study will be submitted to the American Society of Clinical Oncology's (ASCO) Annual Meeting in Chicago, which will be held between May 29 and June 2 this year.
A better bet than Sirtex Medical…
My advice is to wait until the dust settles over Sirtex Medical shares and until management provide further guidance to investors in coming months. Whilst it could be tempting to try and get in and out of the stock, to a make a quick buck, it's important to remember long-term investing is about time in the market, not timing the market.
