Medical device filing citing a paper in the European Journal of Nuclear Medicine and Molecular Imaging — Perspective Therapeutics, 2023-11-28
In a regulatory filing with the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website, Perspective TherapeuticsPerspective TherapeuticsNYSE CATX
Filings SEC · Quote Yahoo cited a paper published in the European Journal of Nuclear Medicine and Molecular Imaging as the basis for its claims. The company read the manner in which it wrote the paper and the actual scope presented in the paper in sequence. The stock price movement over one month following the filing was compared to past cases of the same type, and the result was written retroactively after knowing the outcome. The paper was read only up to the abstract.
The disclosure wrote the paper in the press release like this
When a U.S. listed company has something to inform shareholders, the report submitted to the Securities and Exchange Commission is called 8-K. The item numbers of the document submitted by Perspective Therapeutics on 2023-11-28 were 8.01 Other Events · 9.01 Financial Statements and Exhibits. The company cited a paper published in European Journal of Nuclear Medicine and Molecular Imaging in the attached press release. If the sentence citing the paper is translated verbatim, it reads as follows.
The publication is entitled “First-in-human SPECT/CT imaging of [ 212 Pb]Pb-VMT-α-NET in a patient with metastatic neuroendocrine tumor” and is available in the European Journal of Nuclear Medicine and Molecular Imaging at https://link.springer.com/article/10.1007/s00259-023-06529-1 .
What readers should look at first is where the company placed the paper in the press release. Next, it is necessary to determine whether the paper supports the entire company's claim or only a part of it. To answer the latter question, one must read the full paper. This article, which has read only the abstract, cannot answer that.
The scope of the paper mentioned in the abstract is limited to this.
The title of the paper is First-in-human SPECT/CT imaging of [212Pb]Pb-VMT-α-NET in a patient with metastatic neuroendocrine tumor and it was published in European Journal of Nuclear Medicine and Molecular Imaging on 2023-11-22. The authors are affiliated with University Hospital Carl Gustav Carus · Technische Universität Dresden. The summary published at the beginning of the paper is called abstract. This article has read only up to this point. This paragraph was rewritten by a person after filtering out a draft written by a machine reading the abstract by numerical comparison, so it is of a different grade from a full-text reading and original judgment.
The abstract of this paper is not publicly available, so it is not summarized. What can be known from the title is that a radiopharmaceutical labeled with radium-212 was first administered to one patient with metastatic neuroendocrine tumor and its distribution was imaged with SPECT/CT. Since it is a report on the imaging of one patient, it is not a paper discussing efficacy or safety.
The abstract does not answer; it remains in the main text and the appendix. This text, which does not go there, leaves the blank as it is. Readers compare the two citations above to determine which sentence in the abstract corresponds to the excerpt cited by the company.
One month later, the stock price was within the top quarter of the sample.
The portion of returns not explained by market-wide movements is called excess return. Dates are recorded as trading days, counting only the days the stock market is open. In calendar terms, 20 trading days are approximately one month. The excess return on the day of the regulatory filing and for the following month are presented in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| 5 trading days before the filing | −4.8% | Degree already moved before the filing |
| regulatory filing day | +1.6% | filing day or the first trading day thereafter |
| cumulative +1~+5 trading days | +1.2% | one week |
| cumulative +1~+20 trading days | +57.4% | one month |
A bundle of past cases of the same type is called a sample. The position counted from the bottom is expressed as a percentile. The one-month excess return of +57.4% in this case is within the top quarter, corresponding to the 99% position from the bottom among 142 samples.
| sample scale (20 trading days) | Tenth from the bottom | Fourth from the bottom | median | top 25% | top 10% | this case |
|---|---|---|---|---|---|---|
| excess return | −31.9% | −20.1% | −7.4% | +5.5% | +18.7% | +57.4% |
Half of the sample falls between the two middle marks in the table. Check the table to see whether this case falls inside or outside of that range. The sample consists of cases where U.S.-listed companies cited papers in 8-K filings over the past decade. The company itself is excluded from the sample. The numbers listed here are historical facts, not rules to apply to future cases.
After the filing, the company submitted such documents.
After the filing date, this company submitted three 8-K filings. Only the item numbers are listed here. In 8-K filings without titles, the item numbers indicate the type of content. Whether it was an earnings announcement or a contract can be identified by the number. The details of what occurred are read in the original text via each link.
- 2023-12-06 8-K Items 1.01,9.01 — Material contract execution · Financial statements · Exhibits
- 2023-12-08 8-K Items 8.01,9.01 — Other events · Financial statements · Exhibits
- 2023-12-12 8-K Items 1.01,8.01,9.01 — Material contract execution · Other events · Financial statements · Exhibits
What this article does not answer
This article, which reads only abstracts, cannot answer how the paper re-examined what, using what methods, and to what extent. How many times the paper cited by the company was cited afterward can be reconfirmed through the citation count on OpenAlexOpenAlex
Data source · Website. What will be seen next is whether the company's next 8-K again cites the same paper.
Term Explanation
- 8-K
- A periodic report submitted to the U.S. Securities and Exchange Commission when a listed company has something to inform its shareholders. The type is indicated by item numbers such as earnings, contracts, and executive changes. All events in this article are derived from this document.
- Excess return
- The remainder obtained by subtracting the overall market return from the stock return. It is used to observe the movement of the company alone after excluding the portion due to the entire market rising or falling together.
- Trading day
- A date counting only the days when the stock market is open. Since weekends and holidays are excluded, 20 trading days correspond to about a month on the calendar.
- Sample and percentile
- A bundle of past cases of the same type is a sample, and the position from the bottom is expressed as a percentile. A percentile of 10 means that nine out of ten cases performed better than this case.
- Abstract
- A summary placed at the beginning of a paper. The author writes in a few sentences what was done, how it was done, and what results were obtained. Without reading the full text, one cannot know the details and limitations of the methods.