iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
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Asshat of the Week Award: Joel Sendek

  

Friday, March 30, 2007

This man, Joel Sendek, biotech analyst from Lazard, is just making stuff up. On January 16th, 2007, Joel warned investors the FDA would not approve DNDN‘s prostate cancer drug, until 2009. Frankly, it is rare to find someone who can be so wrong, in such a short period of time. Luckily for the Asshat trophy award makers, Mr. Sendek is out and about– making all sorts of devastatingly bad market calls.

Hence, he gets this week’s “Asshat Award.”

I quote (Via Briefing):

“Firm believes that the complicated nature of the application, including secondary statistical analysis, may require a longer review period at the FDA. They continue to believe that the FDA will require data from the ongoing D9902B trial, prior to approval. Firm continues to expect approval in 2009 contingent upon survival data from D9902B, a trial that they view as more straightforward in design than previous studies.”

To make matters worse, Joel had a fucking “buy” rating on AGIX, prior to this swan dive.

Asshat!

Also, it’s worth noting, after AGIX fell 60% in one trading day, Joel decided to downgrade the stock to “hold.”

Double Asshat!

Finally, I have to mention, DNDN‘s prostate cancer vaccine was approved yesterday, nowhere near Joel’s 2009 target date. What the fuck? And, the stock is up 300% today.

Triple Asshat!

NOTE: Liisa Bayko of Next Generation Equity Research and Paul Latta of McAdams Wright Ragen both downgraded DNDN, prior to the FDA approval and deserve an “honorable” mention– when discussing important matters, such as “Asshat Awards.”

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One comment

  1. It would appear Mr. Joel Sednek is quite the soothsayer. Since you wrote your blog 1 1/2 years ago (you even state that Provenge was FDA approved)there is still no approval and even if it is forthcoming it won’t be till at least 1Q of 2010.

    I think YOU might be heir-apparent to his Asshat award. What say you?

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