Imugene shares are continuing their impressive run…
The post Here’s why the Imugene (ASX:IMU) share price is up 6% so far this week appeared first on The Motley Fool Australia. –
The Imugene Limited (ASX: IMU) share price has jumped out of the starting blocks from the opening of trade this week.
Whereas the S&P/ASX 200 index (ASX: XJO) has fallen 0.12% today, Imugene shares are 5% in the green. They have now climbed 6% in two days.
Let’s investigate further.
What’s happening with Imugene this week?
The Imugene share price has benefitted from several tailwinds over the last few days.
Firstly, the company’s ticker was added to the S&P/ASX 300 index by Standard and Poor’s Dow Jones Indices (S&P DJI) on 3 September.
Imugene’s inclusion came on the back of index rebalancing that takes place each quarter.
The decision to place a ticker into the index is based on several criteria, such as market capitalisation and liquidity. Obviously, Imugene shares fit the bill in that regard.
In addition, Imugene recently advised it had achieved positive results in its Phase 2 HER-Vaxx clinical trial.
The trial investigated the safety and efficacy profile of the company’s immunotherapy candidate HER-Vaxx in a particular type of gastric cancer.
As a result of the positive data, Imugene now “plans two further company sponsored Phase 2 studies and one investigator sponsored study” investigating HER-vaxx’s use as an intervention in HER-2 gastric cancer.
Finally, in further news that could be affecting the Imugene share price, the company announced today it had passed all resolutions at its “extraordinary general meeting of shareholders”.
The resolutions were originally set out on 6 August. They pertained to shares that were supposed to be issued to Imugene’s executive chair, Paul Hopper.
Hopper was due to receive these shares if the company reached a clinical milestone that resulted from Imugene’s acquisition of Vaxina Pty Ltd, of which Hopper was the majority shareholder.
Specifically, the milestone was the US Food and Drug Administration (FDA) granting Imugene rights to a phase 1 clinical trial using Vaxina’s CF33 oncology technology.
Due to a discrepancy in time zones and other unforeseeable factors, these shares were not transferred to Hopper. As such, the decision was left to shareholders to vote on the same.
Shareholders subsequently voted in favour of the exchange.
Imugene share price snapshot
The Imugene share price has climbed 315% this year to date, and 730% over the past 12 months.
Both of these results have far outpaced the broad index’s return of around 25% over the past year.
Should you invest $1,000 in Imugene right now?
Before you consider Imugene, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Imugene wasn’t one of them.
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The author Zach Bristow has no positions 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 Bruce Jackson.