Recs

0

Why ImmunoGen, Inc. Stock Jumped Higher Today

What happened

ImmunoGen (NASDAQ: IMGN  ) is up 10.1% at 3:27 p.m. EDT, having been up as much as 13.5% today with no obvious news to justify a double-digit move.

So what

The biotech's shares haven't been this high since last Thursday, when ImmunoGen closed at $3.24.

In other words, while this is a big one-day move, it's not necessarily a reset of the company's valuation. The move is more likely just day-traders piling on perceived momentum after shares fell earlier in the week -- again for no apparent reason. Where it'll stop on Monday is anyone's guess.

Electronic stock chart with map of world in the background

Image source: Getty Images.

Investors interested in focusing on fundamentals should be paying attention to ImmunoGen's lead drug mirvetuximab soravtansine -- specifically a phase 1b/2 trial called FORWARD II testing the drug in combination with Avastin, carboplatin, Doxil, or Keytruda. Management has previously disclosed that the data would be released during the second quarter, which started 12 days ago.

Management also said to expect pooled data from phase 1 trials testing mirvetuximab soravtansine in patients with ovarian cancer, including some data for patients taking steroid eye drops to manage a side effect of the drug.

Ultimately, investors should be focused on ImmunoGen's phase 3 FORWARD I trial in patients with platinum-resistant ovarian cancer that's required to gain marketing approval, but the trial only enrolled its first patient in January, so it'll be a few years until data from that trial is available.

Now what

While investors have a long time to wait for mirvetuximab soravtansine to get approved -- management is shooting for 2020 -- if the data from FORWARD II and the pooled phase 1 data are positive, investors should have more confidence that FORWARD I will ultimately succeed.

10 stocks we like better than ImmunoGen
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and ImmunoGen wasn't one of them! That's right -- they think these 10 stocks are even better buys.

Click here to learn about these picks!

*Stock Advisor returns as of April 3, 2017


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 4013986, ~/Articles/ArticleHandler.aspx, 4/29/2017 1:30:06 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated 4 hours ago Sponsored by:
Change down DOW 20940.5 -40.8 -0.2%
Change down S&P 500 2384.2 -4.6 -0.2%
Change down NASD 6047.6 -1.3 0.0%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

4/28/2017 4:00 PM
IMGN $4.34 Down -0.01 -0.23%
ImmunoGen CAPS Rating: **

Article registration testing
VISIBLE INTERNALLY ONLY AND ONLY WORKS WITH UNREGISTERED VISITORS

Revisit this page

Clear article's cache and revisit this page

Or, visit the current page, forcing Test ID to article:interrupt:106919 and

Tookie Value = 16906751185419140216177074648162

Advertisement