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Drug Data Sends ImmunoGen (NASDAQ: IMGN) To Multi-Year Highs, Up 150% In Two Days

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.
byRyan Glosier
May 4, 2023
1 minute read
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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.

 
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Chevron Corporation (CVX) posts Q4 FY23 results with total revenues at $47.18 billion, slightly below the expected $51.62 billion consensus. Despite the revenue miss, the company reports 4% increase in worldwide net oil-equivalent production, driven by strategic acquisitions and Permian Basin growth. Adjusted net earnings at $6.45 billion beat estimates at $3.45 per share. Chevron demonstrates shareholder commitment with an 8% dividend increase, and shares respond positively.

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