Why ImmunoGen Jumped Higher Today

Woman in a head scarf holding hands with another woman


Shares of ImmunoGen (NASDAQ: IMGN) are up 10.4% at 3:10 p.m. EDT on no apparent news. Most likely, shares of the highly volatile biotech are up as investors jump in ahead of the American Society of Clinical Oncology (ASCO) meeting set to start tomorrow.

So what

In an abstract for ASCO that was released earlier this month, ImmunoGen disclosed data from the phase 1b/2 Forward II trial testing its lead drug, mirvetuximab soravtansine, in combination with a variety of other cancer medications.

In 23 ovarian cancer patients with medium or high expression of FRalpha, which mirvetuximab soravtansine targets, treatment with mirvetuximab soravtansine plus Roche 's Avastin produced an overall response rate (ORR) of 48% with a median duration of response of 10.6 months. That's not bad considering these patients could have failed up to three previous treatments.

A separate set of 10 patients received mirvetuximab soravtansine plus the chemotherapy carboplatin, which produced an ORR of 80% with a median duration of response that hadn't been reached at the cutoff. These patients haven't progressed as far as the Avastin combination group, so it's certainly not an apples-to-apples comparison. In fact, ImmunoGen thought both sets of data were promising enough to justify testing a triplet combination of mirvetuximab soravtansine plus carboplatin and Avastin, which began recently.

Now what

ASCO abstracts have to be turned in months before the meeting, so presentation of the data -- especially the Avastin data on Monday -- could have updated results further solidifying the combination as a potential treatment for ovarian cancer.

The combination data is important to ImmunoGen's long-term future, but investors shouldn't forget about the Forward I trial, testing mirvetuximab soravtansine as a monotherapy since results from that trial, which are due out in the first half of next year, are the quickest way for ImmunoGen to get the drug on the market.

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 quadrupled 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 May 8, 2018

Brian Orelli has no position in any of the stocks mentioned. The Motley Fool recommends ImmunoGen. The Motley Fool has a disclosure policy .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.