ImmunoGen Inc. rose 72 percent after releasing positive data on its ovarian cancer drug at the American Society of Clinical Oncology annual meeting Saturday in Chicago.
The Waltham, Massachussetts-based company’s mirvetuximab soravtansine, a treatment for patients with ovarian cancer who became resistant to other drugs, had a 53 percent response rate, according to a company statement. Data from 17 patients was reviewed in the Phase I study, whose main purpose is to tell if drugs are safe.
ImmunoGen said it’s preparing to initiate a Phase 2 trial later this year. Ovarian cancer kills 14,200 women annually in the U.S. and the variety treated by the company’s drug, where patients have become resistant to platinum-based regimens, make up 2,000 to 3,000 of those, it said.
“The response rate, well above the 15-20 percent response rate typically seen in platinum-resistant ovarian cancer, combined with the relatively benign safety profile is very encouraging and bodes well for IMGN853’s therapeutic potential,” Simos Simeonidis, an analyst at RBC Capital Markets wrote in a note Monday. Simeonidis reiterated his buy rating and raised his price target from $10 to $15 on the data.
“Based on these findings, we are implementing a development plan designed to advance mirvetuximab soravtansine as quickly as possible while also recognizing the potential to benefit the greatest number of patients,” Charles Morris, executive vice president and chief development officer of ImmunoGen said in the statement.
ImmunoGen gained $6.46 to $15.44 at the close in New York, furthering a 153 percent rise so far this year.