Why the Immutep (ASX:IMM) share price is rocketing 39% higher today

The Immutep Ltd (ASX:IMM) share price has been on fire on Friday and is rocketing 39% higher. Here’s what you need to know…
The post Why the Immutep (ASX:IMM) share price is rocketing 39% higher today appeared first on The Motley Fool Australia. –

rise in asx tech share price represented by digitised rocket shooting out of person's hand

The best performer on the All Ordinaries index on Friday by some distance has been the Immutep Ltd (ASX: IMM) share price.

In afternoon trade, the biotechnology company’s shares are up 29% to 44.5 cents.

At one stage today, the Immutep share price was up as much as 39% to 48 cents.

Why is the Immutep share price rocketing higher?

Investors have been scrambling to buy Immutep’s shares on Friday following the release of a positive announcement Bristol Myers Squibb.

Bristol Myers Squibb is a US$141 billion NYSE-listed pharmaceutical company.

On Thursday Bristol Myers Squibb announced the primary results from the Phase 2/3 RELATIVITY-047 trial. This trial is evaluating the fixed-dose combination of relatlimab, an anti-LAG-3 antibody, and Opdivo versus Opdivo alone in patients with previously untreated metastatic or unresectable melanoma.

According to the release, the trial met its primary endpoint of progression-free survival. Whereas the secondary endpoint, a follow up on overall survival, is ongoing.

The release notes that the fixed-dose combination was well-tolerated and there were no new safety signals reported.

Jonathan Cheng, senior vice president and head of oncology development at Bristol Myers Squibb, commented: “The results of this study suggest that targeting the LAG-3 pathway in combination with PD-1 inhibition may be a key strategy to enhance the immune response and help improve outcomes for these patients.”

How does this impact Immutep?

Immutep is a globally active biotechnology company that is a leader in the development of LAG-3 related immunotherapeutic products for the treatment of cancer and autoimmune disease.

The news out of Bristol Myers Squibb appears to have sparked hopes that Immutep’s own therapies will prove as successful.

Goetz Partners was pleased with the news and reiterated its outperform rating and 90 cents price target this morning.

It commented: “With Immutep’s Eftilagimod alpha (efti) also showing positive benefits in combination with PD-1 in HNSCC (head and neck cancer) and non-small cell lung cancer (NSCLC), these new data highlight the potential of Immutep’s in-house and partnered programme. With the prospect of further HNSCC and NSCLC data from TACTI-002, final AIPAC survival data expected over the course of 2021E, we reiterate our OUTPERFORM recommendation and AUD$0.9 target price.”

This price target implies potential upside of ~100% for the Immutep share price over the next 12 months.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor James Mickleboro 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.

The post Why the Immutep (ASX:IMM) share price is rocketing 39% higher today appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!