Generally speaking, Advisory Committee Meetings are Rumor Fuelers. The AdCom digests data and makes a recommendation to the FDA, but the FDA makes a final decision and can certainly go against what the Ad Com suggests. Therefor, “Runup” traders can have a lot of fun with the period before the Ad Com, but also the period AFTER the Adcom and before the following PDUFA. Especially if the Ad Com votes in favor of the FDA approving the meds, that can create a couple weeks of positive “Rumors” before the FDA drops the “news.”
The only thing to keep an eye out for is potential offerings. If the company needs cash to do the next phase of product development, they could suddenly drop one during a little spike in the share price. If this happens PRIOR to the Ad Com, it can create quite an obscure opportunity. If the company thought they would fail an Ad Com and PDUFA, they would stop the trial as soon as possible to save money. So reading into an offering that way prior to an Ad Com or PDUFA can be a little bit of a Red Herring. Drops in the stock price before major events like this often encourage the “Runup” crew to make an attempt at a swing.