Shares in the immunotherapy company Imugene Limited (ASX: IMU) are 7.8% higher in afternoon trade and are now changing hands at 44 cents each.
The Imugene share price is gaining ground today despite there being no market-sensitive news from the company.
However, Imugene shares have risen 54% from their previous low on 20 August. So, it appears there is momentum behind the biotech’s share price when scoping out a wider timeframe.
Imugene also released an investor presentation on Tuesday that is worthwhile covering. Here are the details.
What did Imugene announce in its investor presentation?
In the presentation, Imugene detailed several investment highlights regarding its novel technology and treatment platforms.
These include the company’s HER-Vaxx Phase 2 trial in gastric cancer and PD1-Vaxx trials in its “B-Cell activating immunotherapies” platform, both of which have gained traction of late.
The company also has early-stage trials underway with its ‘Oncolytic virotherapies’ and ‘OnCARlytics in cellular therapy’ platforms.
They also discussed the progress and timeline of each, outlining each stage of the pipeline. Imugene has intellectual property protection over each of its 5 treatment segments until 2036, at least.
Imugene also included information on the value that the Vaxina Pty Ltd acquisition provides with its CF33 oncology technology.
Whilst the presentation was relatively brief, it did encapsulate Imugene’s recent clinical trial momentum and its progress in other business segments.
For instance, the company recently announced positive readouts from its Phase 2 HER-Vaxx clinical trial and was granted patent protection in Japan.
The Imugene share price quickly rallied 13% from 45.5 cents to a new 52-week high of 51.5 cents in the days following the patent announcement on 22 September.
From this point, Imugene shares began the march back down.
Imugene shares have moved directly in line with the S&P/ASX 200 Pharmaceuticals & Biotechnology index (ASX: AXPBKD), which has slumped 8.6% in this time.
The broader S&P/ASX 200 Health Care index (ASX: XHJ) has also dropped 7.8% over the same period, indicating weakness in the wider ASX biotechnology and health care sectors.
Imugene share price snapshot
The Imugene share price has exploded 340% higher this year to date, doubling its return over the past 12 months to 685%.
These results far outpace the S&P/ASX 200 index (ASX: XJO) which has returned about 20% this past year.
The post Why is the Imugene (ASX:IMU) share price lifting 7% today? appeared first on The Motley Fool Australia.
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More reading
- These were the best performing ASX biotech shares in September
- Which ASX 300 shares are on the move for the start of the week?
- How did ASX healthcare shares perform in the FY22 first quarter?
- Which ASX 300 shares are the major movers at the end of the week?
- Imugene (ASX:IMU) share price jumps 6% on Japanese patent news
The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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