IMGN stock went into a free fall Wednesday. Why? It started after ImmunoGen, Inc. (NASDAQ:IMGN) said it has to conduct a new Phase 3 trial for its ovarian cancer drug.
Here’s what we know.
IMGN Stock Free Falling
On Wednesday, May 15, biotech company ImmunoGen said the U.S. FDA has said it needs to conduct a new Phase 3 trial for mirvetuximab soravtansine, the company’s drug for ovarian cancer. During the week, ImmunoGen met with the FDA to discuss the trial, as well as a path forward. However, because the company’s recent trial, which looked at mirvetuximab soravtansine as an ovarian cancer therapy, did not meet its primary endpoints, the FDA suggested the company conduct a new trial.
“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,” explained ImmunoGen chief executive Mark Enyedy.
But while Enyedy has taken a positive approach to the FDA’s suggestion, the market seems to have gone a different route. And that’s fair: ImmunoGen has been working on mirvetuximab for a while. Not to mention that shares of the company have dropped around 30% in 2019. So, as you can imagine, today’s news is a bit of a blow.
According to Yahoo Finance, at market close, IMGN stock was trading at $2.14 on the Nasdaq. This means IMGN stock closed down 32.06%. The biotech stock is also down in after-hours trade, down 0.47% at the time of writing.
Takeaway
Now, ImmunoGen conducting a new Phase 3 trial for its ovarian cancer drug is not the end of the world. Sometimes good things take time. And who knows, maybe the next Phase 3 trial will be the one and IMGN stock could go soaring.
What do you think? Let us know in the comments below!
Featured image: DepositPhotos
