ImmunoGen, Inc. (NASDAQ: IMGN) is falling hard early on in the trading session this morning, and for good reason. The company announced the results of a Phase 3 trial that failed to meet its primary endpoint.
Of course, the news upset investors who are pushing the stock for the bottom. Today, we’ll talk about:
- The clinical results;
- what we’re seeing from IMGN stock as a result; and
- what we’ll be watching for ahead.
IMGN Announces Clinical Results
As mentioned above, ImmunoGen is having an incredibly rough start to the trading session this morning after announcing clinical results. In a press release, the company provided the results for its Phase 3 FORWARD clinical trial.
The trial was designed to evaluate the safety and efficacy of mirvetuximab soravtansine in comparison to chemotherapy. Through the trial, IMGN attempted to show that their treatment was more effective in treating patients with folate receptor alpha-positive, platinum resistant ovarian cancer.
Unfortunately, the company announced that the trial did not meet its primary endpoint in either the entire population or in the pre-specified subset of patients with high FRa expression. The endpoint was improvement in progression free survival.
In a statement, Dr. Kathleen Moore, Associate Director of Clinical Research at the Stephenson Cancer Center at the University of Oklahoma, had the following to offer about the IMGN results:
Even though FORWARD I did not meet its primary endpoint, I continue to be impressed with the efficacy and tolerability of mirvetuximab soravtansine in ovarian cancer patients, especially in the subset with high FRα expression. I look forward to continuing to work with ImmunoGen to analyze the Phase 3 data and determine the most appropriate path to bringing mirvetuximab soravtansine to those patients who benefit most from it.
What We’re Seeing From The Stock
One of the first lessons that we learn as investors is that it’s important to follow the news. After all, the news moves the market. In the case of ImmunoGen, the news proved to be negative.
With the failure of the Phase 3 clinical trial, the company goes from late stage to a path back to the drawing board. Of course, the news is upsetting to investors who are sending the stock down.
As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (7:41), IMGN is trading at $2.40 per share after a loss of $2.32 per share or 49.15% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on IMGN. In particular, we’re interested in following the story surrounding the company’s next steps following today’s trial failure. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
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