Join today and have your say! It’s FREE!

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.
Please Try Again
{{ error }}
By providing my email, I consent to receiving investment related electronic messages from Stockhouse.

or

Sign In

Please Try Again
{{ error }}
Password Hint : {{passwordHint}}
Forgot Password?

or

Please Try Again {{ error }}

Send my password

SUCCESS
An email was sent with password retrieval instructions. Please go to the link in the email message to retrieve your password.

Become a member today, It's free!

We will not release or resell your information to third parties without your permission.

Why Did ImmunoGen Plummet 32%?

Streetwise Reports, Streetwise Reports
1 Comment| May 21, 2019

{{labelSign}}  Favorites
{{errorMessage}}

This biotechnology company, which focuses on the treatment of cancer, received some feedback from the FDA that upset investors on Wednesday.

Click to enlarge


ImmunoGen Inc.'s (IMGN:NASDAQ) shares closed down 32.06% on the NASDAQ Wednesday after announcing the United States Food and Drug Administration (FDA) requested the company run a new Phase 3 trial to evaluate the safety and efficacy of mirvetuximab soravtansine.

According to the press release: "The FDA has recommended that the company conduct a new Phase 3 randomized trial to evaluate the safety and efficacy of mirvetuximab soravtansine in patients with high folate receptor alpha (FRa)-positive, platinum-resistant ovarian cancer as part of a Type C meeting held this week."

Despite the negative sentiment from investors, ImmunoGen executives see the meeting with the FDA as enabling them "to clarify a regulatory path forward for mirvetuximab," as they are "encouraged by the consistent signal of anti-tumor activity and the favorable benefit-risk profile in patients with high FRa expression in the Phase 3 FORWARD I trial."

The NASDAQ-listed biotech company aims to fight cancer using antibody-drug conjugates, which attach a cancer-killing substance to "a specific antibody using a biodegradable linker." Mirvetuximab soravtansine is ImmunoGen's lead program in Phase 3 development for platinum-resistant ovarian cancer.

Shares closed at $2.14 on Wednesday, May 15th.


Disclosure:
1) Kevin Jaillet compiled this article for Streetwise Reports LLC and is an employee of Streetwise Reports. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.



{{labelSign}}  Favorites
{{errorMessage}}

Comments

No comments yet. Be first to comment!

Leave a Comment

You must be logged in to be able to post a comment.

Get the latest news and updates from Stockhouse on social media

Follow STOCKHOUSE Today

Featured Company