ImmunoGen, Inc.'s (IMGN) stock plummets after new FDA recommendation

NASDAQ: IMGN | ImmunoGen, Inc. News, Ratings, and Charts

IMGN – A recent trial looking at the drug as an ovarian cancer therapy did not meet its primary endpoint.

Shares of ImmunoGen, Inc. IMGN, -31.27% fell 32% in premarket trade Wednesday after the company said the U.S. Food and Drug Administration recommended conducting a new Phase 3 trial of its ovarian cancer drug, mirvetuximab soravtansine. A recent trial looking at the drug as an ovarian cancer therapy did not meet its primary endpoint. ImmunoGen met with the FDA this past week to discuss the trial and a potential path forward, and the agency provided guidance on trial design and endpoints, the company said. “Our meeting with FDA enabled us to clarify a regulatory path forward for mirvetuximab and we are evaluating all avenues to bring this promising therapy to ovarian cancer patients,” Immunogen Chief Executive Mark Enyedy said in a statement. The Waltham, Mass.-based biotech has been working on mirvetuximab as a potential treatment for patients with ovarian cancer who haven’t responded to platinum treatment and who also test positive for high folate receptor α. Shares of the biotech have fallen 34% so far this year through Tuesday, while the S&P 500SPX, +0.21% has gained 13%.

Immunogen Inc. shares were trading at $2.20 per share on Wednesday morning, down $0.95 (-30.16%). Year-to-date, IMGN has declined -54.17%, versus a 14.27% rise in the benchmark S&P 500 index during the same period.

IMGN currently has a POWR Rating of D (Sell), and is ranked #129 of 314 stocks in the Biotech category.

This article is brought to you courtesy of MarketWatch.

9 "Must Own" Growth Stocks For 2019

Get Free Updates

Join thousands of investors who get the latest news, insights and top rated picks from!

Top Stories on

NASDAQ: BIDU | Baidu, Inc., each representing one tenth Class A ordinary share News, Ratings, and Charts

KeyBanc lowers Baidu (BIDU) price target

Baidu Inc. reported Q1 results Thursday that were ahead of expectations, but announced hugely disappointing second-quarter guidance.
NYSE: TGT | Target Corporation Common Stock News, Ratings, and Charts

Morgan Stanley upgrades Target (TGT)

Morgan Stanley’s Simeon Gutman upgraded Target from Underweight to Equal-weight with a $67 price target.
NASDAQ: AAPL | Apple Inc. News, Ratings, and Charts

HSBC warns that Apple (AAPL) will see continued challenges in China

Trade tensions could prompt Chinese consumers to shift toward local smartphone brands.
NASDAQ: TSLA | Tesla, Inc. News, Ratings, and Charts

Wedbush cuts price target on Tesla (TSLA)

Tesla shares dive below $200 after analyst cites distractions from Elon Musk’s ‘sci-fi projects.’
NYSE: F | Ford Motor Company Common Stock News, Ratings, and Charts

Ford (F) announces it will cute 7,000 jobs in the next 3 months

Ford is laying off about 10% of its global salaried workforce, the company said Monday.

Read More Stories

More ImmunoGen, Inc. (IMGN) News View All

Event/Date Symbol News Detail Start Price End Price Change POWR Rating
Loading, please wait...
View All IMGN News

Page generated in 1.3391 seconds.