JM:
You have a point here, and there may be some potential for insider trading.
However, most trials are now multicentred, and vast amounts of data has to be analyzed to achieve a statistical significance, the holy grail of trials. I do not believe that any one field investigator would have access to that amount of data, which includes target outcomes, side-effects, end-points, toxic effects, relationship to placebos etc.
In my opinion, an investigator would generally be taking a big risk if he were to trade on the basis of his own personal observation, without access to all the data, and the statistical analysis.
Having said this, I know many MDs who follow the biotechs assiduously, and do careful and reasoned DD, before they invest. A significant number post on SI.
I also know many other professionals, like lawyers and accountants and others who do the same, and who also enable us to learn more, and invest with more confidence. All of them have my respect. |
