Shares of biotech firm ImmunoGen (NASDAQ:IMGN) are surging for a second straight day after the company reported positive ovarian cancer drug data on Wednesday. At last check, the stock was up nearly 11% to $13.56 on very elevated volume. In the wake of Thursday’s aggressive breakout continuation, IMGN is now trading above levels last seen back in 2018.
The stock has now surged more than 150% in the last two days as Wall Street is clearly excited about the prospects of the firm’s MIRASOL treatment after phase 3 data showed statistically significant results compared to chemotherapy in ovarian cancer patients who have received therapy.
MIRASOL showed a 33% reduction in death risk in the trial.
After more than doubling on this news, IMGN currently has a market cap of just over $3 billion. The technical outlook here is extremely positive, although a snap-back move in the coming days is possible due to the extended move in the name.
Featured photo by National Cancer Institute on Unsplash.
