ImmunoGen Inc. (NASDAQ: IMGN) shares increased 29.89 percent to $6.17 at the November 30 trading. The market capitalization has risen to $1.27 billion. The reason was the report of a successful test based on the creation of antibodies for cancer therapy.
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This is the candidate medicine mirvetuximab, which has now finished clinical trials for the treatment of chemotherapy-resistant ovarian cancer. The trial efficacy goals were accomplished, and the median treatment response time was over six months. Mirvetuximab, on the other hand, was well tolerated and no additional adverse effects were noted.
This study is at the last (third) phase of clinical testing, thus there will be an effort at commercialization. ImmunoGen Inc. (IMGN) is prepared to submit an application to the US Food and Drug Administration (FDA). Mirvetuximab is expected to be approved quickly in the first quarter of 2022.
Because the medicine is focused on treating fatal stages of cancer that are no longer treatable with traditional means, it may go through the processes fast. Furthermore, in the later phases of treatment, the proposed medicine is less hazardous than intense therapy.
In the future, ImmunoGen Inc. (IMGN) may be able to use mirvetuximab as a foundation for the development of medications for the treatment of other forms of cancer. The firm focuses on identifying chemicals that target specific weaknesses in cancer cells. This is a great place with a lot of untapped potential.
ImmunoGen Inc. (IMGN) has three more early-stage cancer medication trials in addition to mirvetuximab.
The stock of IMGN has been trading in a 5-day range of $4.72 to $6.91, with a total return of +21.94 percent. Meanwhile, this stock has moved in a range of $4.72 to $7.05 during the last month, resulting in a +2.32 percent change.
IMGN stock price has fluctuated by +4.40 percent during the last three months, ranging between $4.72 and $7.05.
