Shares of ImmunoGen (NASDAQ: IMGN) skyrocketed by more than 100% in morning trading at the time of writing on Wednesday after the biotechnology company announced positive topline data from the Phase 3 confirmatory MIRASOL trial evaluating the safety and efficacy of Elahere (mirvetuximab soravtansine-gynx) compared to chemotherapy in patients with ovarian cancer who have received one to three prior lines of therapy.
This data indicated statistically significant improvements in progression-free survival (PFS), objective response rate (ORR), and overall survival (OS) compared to chemotherapy. Elahere has proved to be the “first medicine to demonstrate an overall survival advantage in platinum-resistant ovarian cancer.”
Based on this data, ImmunoGen plans to submit a marketing authorization application (MAA) to the European Medicines Agency and a supplemental Biologics License Application (sBLA) to the FDA in the second half of this year.
Overall, analysts are bullish about IMGN stock with a Strong Buy consensus rating based on three Buys and one Hold.
