Why did the Immutep share price plummet 31% last month?

The Immutep Ltd (ASX: IMM) share price plunged lower in June despite the company announcing seemingly good news to the market.

As of the final close of last month, the Immutep share price was 29 cents, 30.95% lower than it was at the end of May.

For context, the broader market also suffered last month. The S&P/ASX 200 Index (ASX: XJO) fell 8.9% while the All Ordinaries Index (ASX: XAO) slumped 9.5%.

Let’s take a closer look at what went on with the All Ords biotechnology stock in June.

What weighed on the Immutep share price last month?

The Immutep share price struggled through June as the S&P/ASX Health Care Index (ASX: XHJ) outperformed the broader market.

The healthcare sector slumped just 3.11% last month – leaving it around 5.8% better off than the ASX 200.

Sadly, the approximately $268.5 million (according to the ASX) biotech company suffered a worse fate than many of its peers.

That’s despite it releasing exciting news of its lead product candidate, eftilagimod alpha (known as efti).

The company announced that part A of the phase II TACTI-002 trial, evaluating efti in combination with MSD’s pembrolizumab in 114 patients, met its primary objective, showing favourable anti-tumour activity.

“For Immutep, these highly favourable results are of strategic importance,” the company’s CEO Marc Voigt said. “They support late-stage development for an attractive and very large addressable market.”

Unfortunately, the market didn’t respond quite so positively. It bid the Immutep share price 5.8% lower on the back of the news.

But the Immutep share price is no stranger to the red. It’s currently trading 55% lower than its 52-week high, reached in November 2021.

It’s also 38% lower than it was at the start of 2022 and is trading for 41% less than it was this time last year.

The post Why did the Immutep share price plummet 31% last month? appeared first on The Motley Fool Australia.

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More reading

• Here’s how ASX healthcare shares performed in FY22
• Here’s how ASX 200 healthcare shares performed in June
• Own Immutep shares? Here are 3 takeaways from the company’s investor update
• What’s driving the Immutep share price in June?

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 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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