Asshat of the Week Award: Banc of America

 

Friday, May 11, 2007

In an unprescedented move, “The Fly” is awarding an entire bank one big fucking asshat award– for hiring William Ho, analyst from Piper Jaffrey.

In short, Banc of America wooed William Ho, from “Piker Jackme,” back in 2006. As a result, Mr. Ho released this gem, on April 24th, 2007:

Dendreon: Provenge approval likely as politics is a factor; efficacy a question – BofA (16.78 ) -Update : Banc of America anticipates an approval decision on Provenge by May 15th, under the condition of completing the Ph III IMPACT trial, and expect potential stock price appreciation in the near term. They understand that DNDN is well prepared for a potential launch and believe Provenge can be out on the market by late 2007. If approved, the firm sees potential upside to their price tgt to $29 (current tgt is $20), and if an approvable letter is received potential downside to $6.

Asshat!

Although Mr. Ho tried to check his bullishness for DNDN with a cautionary $6 downside target, it is obvious he was drinking the DNDN beer.

Since then, the stock is down an amazing 70%, inside 3 weeks.

Hence, BofA deserves the “Asshat of the Week Award,” for hiring William Ho, who just destroyed their entire biotechnology research department.

Nice.

If you enjoy the content at iBankCoin, please follow us on Twitter