The Imugene share price has rocketed 77% in a month. What’s going on?

A man in a wheelchair stretches both arms into the air in success.A man in a wheelchair stretches both arms into the air in success.

It’s been a ripper month for the Imugene Limited (ASX: IMU) share price. It’s surged a whopping 76.6% over the last 30 days, lifting from just 15 cents to close yesterday’s session at 26.5 cents.

But what’s been driving the healthcare stock to outperform most of its S&P/ASX 200 Index (ASX: XJO) peers lately? Let’s take a look.

Imugene share price surges 77% in a month

The Imugene share price has outperformed the ASX 200 by around 72% over the last 30 days. Most of its strong performance stemmed from exciting news of the company’s HER-Vaxx candidate, designed to treat tumours.

The stock surged 45% in late June after the company announced a phase two trial found patients treated with HER-Vaxx had favourable survival outcomes.

Notably, treatment with HER-Vaxx and chemotherapy was found to reduce the risk of death by 41.5%. compared to chemotherapy alone.

The median overall survival for patients treated with HER-Vaxx and chemotherapy was found to be 13.9 months, compared to 8.3 months for those treated solely with chemotherapy.

In other news, the company has made two important appointments over the last month.

Dr Sharon Yavrom was appointed executive director, clinical scientist in early July. Weeks later, Mike Tonroe was appointed chief financial officer.

The Imugene share price’s strong month of trade marks an astonishing recovery. Indeed, it hasn’t yet been two months since the company’s chair and CEO wrote to reassure shareholders after the stock tumbled 67% from its November peak.

“Things have only improved from our share price peak last year,” the leaders said in May. “Imugene is as strong as it has ever been as we continue to make good progress.”

Though, the stock’s recent gains haven’t launched it back into the year-to-date green. The Imugene share price is still 38% lower than it was at the start of 2022.

The post The Imugene share price has rocketed 77% in a month. What’s going on? 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 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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