ImmunoGen (NASDAQ:IMGN) stock is rising higher on Wednesday after the company released results from a Phase 3 trial for treating ovarian cancer.
According to a press release, the company reported positive top-line data from its clinical trial of Elahere. This is a treatment in development from the company for ovarian cancer. Today’s results showed Elahere was effective in treating certain patients.
Kathleen Moore, principal investigator of the clinical trial, said the following about the results:
“I believe the data from the confirmatory MIRASOL trial are practice-changing. They demonstrate ELAHERE’s superiority to chemotherapy based on all efficacy endpoints, in particular overall survival, and build on the clinical benefit of ELAHERE previously reported in the SORAYA trial”
ImmunoGen intends to submit a Marketing Authorization Application (MAA) in Europe and a supplemental Biologics License Application (sBLA) in the U.S. for Elahere. If approved, this could result in sales that could boost IMGN stock.
IMGN Stock Movement Today
Today’s positive clinical trial results have shares of IMGN stock seeing incredibly heavy trading. As of this writing, more than 31 million shares have changed hands. That’s a massive surge compared to its daily average trading volume of about 3.7 million shares.
IMGN stock is up 125.6% as of Wednesday morning and up 145.4% since the start of the year.
Investors looking for even more of the latest stock market stories will want to stick around!
We’ve got all of the latest news that traders need to know about on Wednesday! A few examples include investors betting on Icahn Enterprises (NASDAQ:IEP), concerns about Western Alliance (NYSE:WAL) and Eli Lilly (NYSE:LLY) stock jumping on study results. You can catch up on all of that news at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.