IMGN - Why Shares of ImmunoGen Jumped 20.3% in December
ImmunoGen Inc. (NASDAQ: IMGN) , an oncology biotech company that specializes in the use of antibody-drug conjugates (ADCs) to make chemotherapy treatments more effective, saw its shares rise by 20.3% in December, according to data provided by S&P Global Market Intelligence . The stock is up 15% for the year and, as of Monday, was midway between its 52-week low of $4.73 and its 52-week high of $10.88.
The stock's biggest rise in December came on the first day of the month, when it opened at $6.19 and rose as high as $7.77. The jump came on the heels of an announcement that the company's ovarian cancer drug, mirvetuximab soravtansine, had met its primary endpoint for objective response rate (ORR) in its Phase 3 trial. The company said the drug, when used as a monotherapy for patients with platinum-resistant ovarian cancer who had previously been treated with Avastin, showed a confirmed ORR of 32.4%. ImmunoGen said that it expects to submit a Biologics License Application (BLA) with the U.S. Food and Drug Administration by next quarter and anticipates accelerated approval and a launch for the drug sometime this year.
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Why Shares of ImmunoGen Jumped 20.3% in December