(VIANEWS) – The NASDAQ opens in less than five hours and ImmunoGen‘s pre-market value is already 4.47% down.

The last session, NASDAQ ended with ImmunoGen (IMGN) dropping 0.42% to $4.70. NASDAQ dropped 1.37% to $11,066.81, after three successive sessions in a row of losses, on what was an all-around negative trend trading session.

Why is ImmunoGen Stock Going Down?

Investors may be wondering, “Why is ImmunoGen stock going down?” It has been in a downward spiral for over a year, and shares of the biotech company are now at a three-year low. However, the company has recently announced promising clinical trial results that may help it gain regulatory approval for its first therapy. While that would help the company’s share price, investors should not be overly worried about the company’s stock’s current state, as it is priced for eventual growth.

The company’s recent results show that it has the potential to be a game changer in the treatment of cancer. The SORAYA trial showed that the drug was highly effective in treating folate receptor-alpha-high ovarian cancer. The results show that patients in the study experienced a 32.4% objective response rate, and that the median duration of response was five years.

The company’s product pipeline is focused on antibody-drug conjugates (ADCs). These drugs are designed to deliver therapeutic effects to specific physiological locations. The company’s lead program is mirvetuximab, which is designed to treat ovarian cancer. It targets a biomarker specific to the disease, and the company is currently testing it in late-stage clinical trials. It also has several earlier-stage projects.

ImmunoGen, Inc. has a trailing twelve-month revenue of $89.4 million. The company’s current cash balance is $374 million. It is projected to generate $105M in the first half of 2022 and another $210M in the second half of 2022. Its current cash balance should be enough to sustain its operations for over two years without the need to raise additional capital.

About ImmunoGen

ImmunoGen, Inc., is a biotech company in clinical stage. It develops ADC therapies for cancer. Mirvetuximab Soravtansine is an ADC which targets folate receptor alpha (FRa) and is currently in Phase III clinical trials. Pivekimab Sunirine is a CD123-targeting ADC and is currently in Phase II clinical trials to treat acute myeloid and blastic plasmacytoid cell neplasma. Preclinical programs for the company include IMGC936, an ADC co-developed with MacroGenics, Inc., and IMGN151, a anti-FRa product candidate. Collaborations include Roche, Amgen/Oxford BioTherapeutics, Bayer HealthCare AG, Eli Lilly and Company, Novartis Institutes for BioMedical Research, Inc., CymX Therapeutics, Inc., Fusion Pharmaceuticals Inc., Debiopharm International SA, and MacroGenics, Inc. ImmunoGen, Inc., was established in 1980 and has its headquarters in Waltham, Massachusetts.

Volume

Today’s last reported volume for ImmunoGen is 1754622, 42.95% below its average volume of 3075833.

ImmunoGen’s last close was $4.70, 39.51% below its 52-week high of $7.77.

ImmunoGen’s Revenue

Year-on-year quarterly revenue growth declined by 16.4%, now sitting on 89.44M for the twelve trailing months.

Volatility

ImmunoGen’s last day, last week, and last month’s current intraday variation average was 0.43%, 4.38%, and 3.57%, respectively.

ImmunoGen’s highest amplitude of average volatility was 3.92% (day), 6.32% (last week), and 5.96% (last month), respectively.

More news about ImmunoGen (IMGN).

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