Why the Immutep (ASX:IMM) share price flew up 5% this morning

The Immutep share price climbed up today as the company announced results from ongoing cancer trials. We take a closer look.
The post Why the Immutep (ASX:IMM) share price flew up 5% this morning appeared first on Motley Fool Australia. –

The Immutep Ltd (ASX: IMM) share price went flying up this morning as the company announced encouraging results in its phase II trials. The company’s share price was trading up 5% at 31 cents in early trade. However, it has since retreated and is trading flat at 30 cents at the time of writing.

While hard hit by the COVID-19 pandemic, shares in the biotech company have rebounded strongly since the end of March. The Immutep share price is up 170% since its lows, outpacing the All Ordinaries Index (ASX: XAO) rise of 44.5% during the same period.

Encouraging Phase II trial results

This morning, Immutep announced positive results in its ongoing phase II trials. The overall response rates in both the trials continue to be favourable, with 5 patients demonstrating a complete disappearance of all lesions.

Immutep CMO Dr Frederic Triebel was pleased, saying:

The results from this trial, and our other trials, continue to support our hypothesis that the combination of our lead product candidiate, eftilagimod alpha, with a PD-1 inhibtor such as pembrolizumab should result in a meaningful benefit to patients across various cancers. These results are supportive of further late stage clinical development.

About the Immutep share price

Immutep is a biotechnology company that develops new immunotherapy treatments for cancer and autoimmune diseases. The company boasts partnerships with some of the world’s largest pharmaceutical companies. This includes the first COVID-19 vaccine candidatePfizer Inc. (NYSE: PFE).

Immutep’s main product is eftilagimod alpha (IMP321), a soluble fusion protein, which is in clinical development for the treatment of cancer. The company has two other clinical candidates (IMP701 and IMP731) that are fully licensed to major pharmaceutical partners, and a fourth candidate (IMP761) which is in pre-clinical development.

The Immutep share price has traded strongly during 2020, gaining 15% since the start of the year. In comparison, the S&P/ASX 200 Index (ASX: XJO) is down 4% so far this year.

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Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why the Immutep (ASX:IMM) share price flew up 5% this morning appeared first on Motley Fool Australia.

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