Three small-cap drug firms are consistently the best performers in a study of short-term trading activity following the start of the American Society of Hematology's annual meeting, one of the industry's biggest.
The so-called ASH conference, which focuses on blood disorders, including cancers such as leukemia and myeloma, kicked off Saturday in San Francisco.
Dynavax Technologies posted positive returns 80 percent of the time in the five trading days after the start of the conference for the last 10 years, according to Kensho, a quantitative analytics tool used by hedge funds. The stock posted a median return of 7 percent over that short time span.
In October, Dynavax, which sports a $417 million market value, initiated a phase 1/2 clinical trial of a new lymphoma treatment.
Dynavax traded up 4 percent Monday after saying an asthma treatment it is developing with AstraZeneca would be accelerated to phase 2 after positive results in the initial part of its phase 1 safety study.