Shares of Immunogen Inc. IMGN blasted 121.2% higher on heavy volume toward a five-year high in premarket trading Wednesday, after the biopharmaceutical company revealed positive data from a late-stage trial of its treatment for ovarian cancer. Trading volume spiked up to 12.2 million shares, compared with the full-day average of about 3.5 million shares. The company said its Elahere demonstrated a “significant and clinically meaningful” survival benefit and progression-free survival compared with chemotherapy. Based on the trail data, the company said it plans to submit a Marketing Authorization Application (MAA) in Europe and a supplemental Biologics License Application (sBLA) in the U.S. for the conversion to a regular approval of Elahere. “We believe the impressive efficacy data and consistent safety data reinforce ELAHERE’s benefit for patients with platinum-resistant ovarian cancer,” said Immunogen Chief Medical Officer Anna Berkenblit. “Importantly, ELAHERE is the first drug to show an overall survival benefit in this patient population.” The stock, which is on track to open at the highest price seen during regular-session hours since July 2018, has gained 4.8% year to date through Tuesday, while the iShares Biotechnology exchange-traded fund IBB as slipped 1.1% and the S&P 500 SPX has gained 7.3%.
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