Why is the Imugene share price one of the biggest ASX 200 fallers today?

A disappointed lab researcher sits in her lab looking at her clipboard with her hand to her face as she worries about the Imugene share price todayA disappointed lab researcher sits in her lab looking at her clipboard with her hand to her face as she worries about the Imugene share price today

The Imugene Limited (ASX: IMU) share price is struggling on Tuesday despite the company’s silence.

Though, the biotechnology company has hit the headlines again today regarding the trial for its cancer-fighting virus, CF33-hNIS.

The first patient was dosed using the virus therapy as part of the trial last month.

At the time of writing, the Imugene share price is 13 cents, 12% lower than its previous close.

According to the ASX website, it is the seventh biggest faller among ASX 200 shares today.

For context, the S&P/ASX 200 Index (ASX: XJO) is 4.4% lower due to a widespread market sell-off.

Let’s take a closer look at what’s happening with Imugene’s stock on Tuesday.

What’s going wrong for the Imugene share price?

The Imugene share price is suffering on Tuesday despite a positive headline relating to the trial of the company’s CF33-hNIS therapy.

The phase one trial could soon be kicked up a notch as additional patients reportedly wait to receive the therapy.

“The FDA has mandated that you have to wait 28 days before you can dose another patient, because you really want to have that safety profile,” Imugene CEO Leslie Chong told Australian Associated Press in an article published by Yahoo Finance. “So we’re just simply waiting for those 28 days.”

Imugene announced the first patient was dosed with the cancer-fighting virus on 18 May. Tomorrow represents 28 days since the news was released.

By all accounts it’s going well, with Chong commenting:

I’m always pleased when I don’t hear anything, because that means that the patient had lots of safety, and we haven’t heard anything – so we’re really pleased.

Additionally, a non-price sensitive disclosure to the ASX this morning shows an increase in the Imugene shareholdings of one of the company’s directors.

Charles Walker’s indirect holding in the company was upped by 128,000 shares last week. Those shares were purchased on market for 15.5 cents.

The Imugene share price is the worst performer of the S&P/ASX 200 Health Care (ASX: XHJ) index today.

Right now, the sector is down 4.2% with only one of its constituents – Polynovo Ltd (ASX: PNV) — recording a gain.

Imugene wrote to shareholders last month, saying it is “as strong as it ever has been” despite recent struggles for the share price.

The stock has fallen 69% in 2022 so far. It’s also 61% lower than it was this time last year.

The post Why is the Imugene share price one of the biggest ASX 200 fallers today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended POLYNOVO FPO. 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 Scott Phillips.

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