IMGN - Why ImmunoGen Stock Jumped Today
Shares of ImmunoGen (NASDAQ: IMGN) closed Monday trading up 15.7%. The drugmaker reported first-quarter results on Friday that missed analysts' expectations, which sent shares into a slump. However, investors shrugged those results off Monday, and apparently focused instead on the potential for the company's lead candidate, mirvetuximab soravtansine.
Quarterly results really don't matter that much for small biotechs like ImmunoGen. Its revenues primarily come from the royalties it receives from Roche from sales of breast cancer drug Kadcyla. But those royalties totaled only $13.3 million in the first quarter.
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