NEW YORK (TheStreet) -- ImmunoGen (IMGN) shares are up 66.82% to $14.95 in morning trading on Monday after the drug company reported positive results from tests of its ovarian cancer treatment candidate IMGN853 at this year's American Society of Clinical Oncology (ASCO) conference in Chicago.
The results of the test prompted the company to announce the launch of another study of the treatment candidate, IMGN853, later this year which, depending on the results, could lead the company to seek regulatory approval for the treatment of patients with advanced ovarian cancer.
The results of the phase 1 study were presented Saturday at the annual ASCO event, showing a 53% response rate for the 17 patients in the study evaluable for efficacy.
Today's jump continues ImmunoGen's strong performance this year as the company began the year trading below $6.50.
TheStreet's Adam Feuerstein has further coverage of Immunogen's presentation here as well as coverage of the entire ASCO event here.
TheStreet Ratings team rates IMMUNOGEN INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate IMMUNOGEN INC (IMGN) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and generally disappointing historical performance in the stock itself."