Celgene (NASDAQ: CELG ) made major headlines in January after releasing impressive phase 3 data for its cancer drug Abraxane in advanced pancreatic cancer. Today, it looked like Peregrine Pharmaceuticals (NASDAQ: PPHM ) had some impressive data of its own. Shares of the stock were surging higher as soon as a press release announcing phase 2 results for bavituximab in late-stage pancreatic cancer hit the wire.
Then investors actually looked at the results, and reality set in. Follow along in the video below as health care bureau chief Brenton Flynn discusses why today's investor optimism was so short-lived.
Can Celgene continue to soar?
Every in-the-know biotech investor has an eye on Celgene. Shares have skyrocketed this year as the company outlined a plan to almost triple its profits in only a few years. But should you buy the story Celgene is selling? Make sure you understand the key opportunities and risks facing this company by picking up The Motley Fool's brand new premium report on Celgene. To claim your copy today -- along with a free year of updates -- simply click here now.