Immunomedics, Inc. (NASDAQ: IMMU) is running for the top in the market this morning. The stock is trading on gains that are better stated in multiples than percentages after announcing positive clinical data. Here’s what’s happening:
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IMMU Stock Pops On ASCENT Study Data
In the press release, Immunomedics said that its Phase 3 ASCENT study will be halted. The reason for the halt… compelling evidence of efficacy.
The company said that the decision to halt the study came after a unaimous recommendation by the inependent Data Safety Monitoring Committee (DSMC), during its routine review of the study.
IMMU reminded investors that the ASCENT study is a Phase 3 confirmatory study designed to validate the promising safety and efficacy of sacituzumab govitecan seen in the Phase 2 study. The treatment has been provided to heavily pretreated patients with metastatic Triple Negative Breast Cancer, or mTNBC.
The study’s primary endpoint is progression-free survival, with key secondary endpoints including overall survival and objective response rates. While the company didn’t go into detail on the data, the fact that the study was halted due to strong efficacy tells us that these endpoints were likely met.
In a statement, Dr. Behzad Aghazadeh, Executive Chairman at IMMU, had the following to offer:
Today’s announcement marks a significant milestone towards fulfilling our promise to patients globally with TNBC of providing a new treatment option that can meaningfully improve their lives. We are grateful to all the patients, their families and healthcare providers who participated in the ASCENT study. On behalf of all of my colleagues at Immunomedics, we remain committed to working tirelessly to bring this potentially transformative drug to all mTNBC patients in need.
Why This News Is So Exciting
While companies do release data all the time, we don’t always see gains over 100%. So, what’s the deal here.
First and foremost, Immunomedics was able to end the study early due to compelling efficacy. So, we know that the data here is great. However, the excitement goes further than that.
The truth of the matter is that the breast cancer market is a massive one. In fact, the market is expected to grow to be worth mor ethan $38 billion by the year 2025. Considering this, breaking into this market with an effective treatment for heavilly pretreated patients offers an incredible opportunity for IMMU. So, this is a stock worth watching closely.
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