Hard not to notice that Genentech began sliding today well before the FDA announced its decision on Avastin. Something leak on the FDA website? Insiders lose their minds? Hey, maybe it was one big coincidence.
[Update] Okay, I’m told by a number of people that the FDA oncology advisory committee meeting today at which Avastin went down on a 5-4 meeting is public, so some analysts were in attendance. Fine, so favored clients of said analysts had a long window by which they sell (or go short) Genentech stock as the meeting spiraled toward a “No” vote.
Wake up. There is no excuse for not webcasting these meetings. None.