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.