Up 33% in a week, what’s helping the Imugene share price higher?

The Imugene Limited (ASX: IMU) share price has steamed ahead in the past week following positive media coverage and the appointment of a new executive director.

Imugene shares have soared 33% since market close on 30 June and are now trading at 24 cents.

So why has the Imugene share price soared higher this week?

New executive scientist

Imugene is an immuno-oncology company developing treatments to activate the immune system of cancer patients.

Early this week, Imugene advised it has appointed a new executive director and clinical scientist.

Dr Sharon Yavrom, with close to 20 years of industry experience, has now commenced in the role. She has taken the lead role in multiple clinical trials for cancer treatments in the past.

Commenting on the appointment, managing director and CEO Leslie Chong said:

We are excited to welcome Sharon to the Imugene management team. She is a well-respected and highly skilled clinical scientist.

Her experience with emerging pharmaceutical companies and oncology therapeutics makes her an ideal addition to our leadership team as we bring our clinical pipeline to fruition.

Imugene also received positive coverage on Sydney’s 2GB radio this week. Chong spoke to the outlet about its immunotherapy for stomach cancer. She highlighted that the treatment increased survival rates in patients. Speaking on the trial, she told 2GB:

It most certainly was a success…we have a patient that is going on 900 days of living.

On 27 June, the company reported the results of a phase 2 trial for the use of HER-Vaxx to treat advanced gastric cancer. The trial showed a median overall survival of 13.9 months for patients treated with HER-Vaxx and chemotherapy. This compared to a survival rate of just 8.3 months in those patients who only received chemotherapy treatment.

Imugene share price snapshot

Imugene shares have lost 28% in the past year, however, they have jumped 41% in the past month.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has shed nearly 10% in the past year.

Imugene has a market capitalisation of about $1.4 billion based on its current share price.

The post Up 33% in a week, what’s helping the Imugene share price higher? appeared first on The Motley Fool Australia.

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Motley Fool contributor Monica O’Shea has no position 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 Scott Phillips.

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