) share price slumped around 19% on Nov 5, 2013, to close the
trading session at $13.41. ImmunoGen's shares tumbled after the
company announced its decision to stop a phase II study on
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MGN901, developed for the treatment of small-cell lung cancer
(SCLC), uses the company's antibody-drug conjugate (ADC)
The study was discontinued after an independent Data Monitoring
Committee (DMC) announced that the combination of IMGN901 and
etoposide/carboplatin (E/C) failed to demonstrate sufficient
improvement in progression-free survival compared to E/C alone. A
disparity in the rate of infection and infection-related deaths
was observed between the two arms following which the DMC
recommended all patients to discontinue treatment with IMGN901.
The company now intends to review the findings from the study and
decide on the candidate's future plans. The discontinuation of
the study comes as a huge disappointment. The company has several
pipeline related events lined up in the forthcoming quarters. Any
more pipeline setback will weigh heavily on the stock.
Apart from IMGN901, ImmunoGen has IMGN853, IMGN529 and IMGN289 in
its pipeline that using its ADC technology. IMGN853 is being
developed for the treatment of ovarian, endometrial and other
cancer forms, whereas IMGN289 is being developed for the
treatment of lung, head and neck, and other cancer forms.
Meanwhile, IMGN529 is being developed for the treatment of
ImmunoGen presently carries a Zacks Rank #3 (Hold). However,
stocks such as
Isis Pharmaceuticals, Inc.
AMAG Pharmaceuticals, Inc.
) look better positioned with a Zacks Rank #1 (Strong Buy).