Immutep Limited (NASDAQ:IMMP) stock is soaring higher on Thursday despite a lack of recent news coming from the company.
Even so, that isn’t stopping the heavy trading of IMMP stock today. As of this writing, more than 89 million shares of the stock have changed hands. That’s a massive spike compared to the company’s daily average trading volume of only about 850,000 shares.
So why is IMMP stock up today? It all has to do with Bristol Myers Squibb (NYSE:BMY). The company announced primary results from a Phase 2/3 study today. This study was seeking to determine the effectiveness of using anti-LAG-3 antibody relatlimab in combination with Opdivo to treat “patients with previously untreated metastatic or unresectable melanoma.”
Jonathan Cheng, senior vice president and head of oncology development at Bristol Myers Squibb, said this about the results.
“The results of this study suggest that targeting the LAG-3 pathway in combination with PD-1 inhibition may be a key strategy to enhance the immune response and help improve outcomes for these patients.”
At this point, investors might be wondering how Immutep Limited fits into this. The company’s focus is on developing therapies that modulate Lymphocyte Activation Gene-3 (LAG-3). LAG-3 was discovered by IMMP CSO and CMO Dr. Frederic Triebel. That connection explains why IMMP stock is up on BMY’s news today.
It’s also worth pointing out that Immutep Limited is working with other pharmaceutical companies to develop therapies using LAG-3. That includes both pre-clinical and clinical trials. Its partners in these efforts are Novartis (NYSE:NVS) and GlaxoSmithKline (NYSE:GSK).
IMMP stock was up 18.2% and BMY stock was up slightly as of Thursday afternoon.
Immutep Limited isn’t the only pharmaceutical company making rounds in the news recently.
Several other companies have also been getting attention on results from clinical trials. Some examples of this include Clovis Oncology (NASDAQ:CLVS), NanoViricides (NYSEAMERICAN:NNVC), and Iterum Therapeutics (NASDAQ:ITRM). Investors can learn more via the following content from InvestorPlace.com.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.