January 28, 2011
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of cancer researcher AVEO Pharmaceuticals (Nasdaq: AVEO ) plunged more than 11% for no discernible reason. Welcome to the world of biotech, Fool.
So what: Last week, the company issued a press release in which it touted clinical data to be presented at the ASCO Gastrointestinal Cancers Symposium. This week it touted ... nothing. Nada. Zip.
Now what: I'd love to give you better news, but this really is business as usual for the biotech industry. AVEO has the added disadvantage of being a recent IPO. The company went public in March and is up more than 46% in that time. In that context, a double-digit pullback on a day when Mr. Market is cranky is understandable.
Interested in more info on AVEO Pharmaceuticals? Add it to your watchlist.