Shares of Immutep Limited (IMMP) stock were high in Thursday’s intraday trading after facing the downtrend of 5.73% at the last trade. IMMP stock price saw a surge of 43.33% today to reach $3.76 a share as of this writing.We find no particular activity by the IMMP stock to support this rise. Let’s deep dive to explore more of it.
What’s happening?
Immutep Limited (IMMP) is a biotechnology company focused on the research and development of immunotherapeutic products to treat cancer and autoimmune diseases. The rising stock price of IMMP has nothing to do with any specific announcement or press release by Immutep. However some investors believe that this gain is mainly due to the recent positive announcement by the Bristol Myers Squibb related to Phase 2/3 RELATIVITY-047, a trial related to Anti-LAG-3 Antibody Relatlimab and Opdivo (nivolumab)
Recent Announcements by IMMP stock.
On March 16, 2021, IMMP announced the second trial and collaboration agreement with Merck & Co Inc in order to test its lead product for the treatment of the Second Head & Neck Cancer Study.According to this agreement, IMMP will perform a clinical trial called TACTI-003with160 patients of the 1st line head and neck squamous cell carcinoma (HNSCC).IMMP will observe the results by evaluating the efficacy and safety of its lead product eftilagimod alpha along with pembrolizumab, a Merck’s product.
On March 09, 2021,Immutep secured the second United States patent grant for Eftilagimod Alpha and PD-1 pathway inhibitor which was filed as a divisional application followed by the parent patent announced on December 30, 2020.This patent will expire on 20 January 2036 and will help in the clinical development programs of the Immutep in the future.
Conclusion:
Things are going well for the penny IMMP stock as far as market sentiment is concerned but the gain without any major reason usually doesn’t last for a long time.Investors having long-term prospects usually don’t mind the short-term bulls and bears rather they focus more on the overall development and expansion of the business.
