ImmunoGen, Inc. (IMGN) stock was soaring in the premarket trading following the announcement of Positive Top-Line Results from Pivotal SORAYA Trial of Mirvetuximab Soravtansine in Ovarian Cancer. IMGN stock price saw a push of 44.42% to reach $6.86 a share at the time of this writing. The stock was gloomy in the previous trade and went low by 1.25% at closing. Let’s deep dive to explore more of it.
ImmunoGen, Inc is the clinical-stage biotech stock that is developing treatments to treat patients suffering from cancer. The stock has a $962.44 million current market value and a 1,560,930 average trading volume.
What’s Happening?
IMGN stock released the positive topline data from the pivotal SORAYA trial today on November 30, 2021. The purpose of this trial is to evaluate the safety as well as the efficacy of mirvetuximab soravtansine (mirvetuximab) monotherapy in patients suffering from folate receptor alpha (FRα)-high platinum-resistant ovarian cancer. The patients in the trial previously got treatment with Avastin®.
106 patients participated in SORAYA with a median of three prior lines of therapy. 51% of the patients had three prior lines of therapy and the rest had one to two prior lines of therapy. Mirvetuximab showed well tolerance. The data was consistent with the safety profile of over 700 patients that got treatment in the broader mirvetuximab program. 19% of the patients got reduced dose treatment due to treatment-related adverse events. Dose delays and discontinuations happened in 32% and 7% of the patients respectively. The common adverse events during the treatment were blurred vision, keratopathy, and nausea.
Inducement Grants by IMGN stock:
On November 22, 2021, IMGN stock granted its newly 10 employees non-qualified stock option awards to buy an aggregate of 327,700 shares of its common stock. IMGN stock granted this option under Its Inducement Equity Incentive Plan. The exercise price was $5.06 per share representing the closing price of IMGN stock on November 22, 2021. The vesting period for each option is four years with 25% shares vesting on the first anniversary of the grant date.
New Appointment by IMGN stock:
On November 17, 2021, IMGN stock announced the appointment of Tracey L. McCain, Esq to its board members. Ms. McCain has profound experience of more than 20 years in the management, legal, and transaction in the biopharmaceutical industry.
Wrap Up:
IMGN stock has captivated the attention of investors after it released positive topline results from the pivotal SORAYA trial. The stock lost almost 27% year to date.
