Shares of biotechnology company ImmunoGen (NASDAQ:IMGN) are on the rise today after it announced promising data from a Phase 3 study evaluating the safety and efficacy of Elahere versus chemotherapy in ovarian cancer (among subjects with folate receptor alpha-positive platinum-resistant ovarian cancer or PROC).
Impressively, the therapy demonstrated improved outcomes versus chemotherapy across all efficacy endpoints, showing a 33% decrease in risk of death. Further, Elahere is the ‘first treatment to demonstrate an overall survival benefit in a phase 3 trial in platinum-resistant ovarian cancer as compared to chemotherapy.’
The company is now planning to submit an MAA and sBLA for the therapy in the U.S. as well as European Union in the second half of 2023. The therapy has already bagged accelerated approval in the U.S. in November 2022.
Overall, the Street has a $15.17 consensus price target on ImmunoGen alongside a Strong Buy consensus rating.
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