Immutep (IMMP) stock rocketed higher on Wednesday after the biotechnology company announced that the U.S. Food and Drug Administration (FDA) has granted eftilagimod alfa Orphan Drug Designation (ODD). Eftilagimod alfa is a treatment candidate for Soft Tissue Sarcoma (STS), which is a rare, diverse group of cancers that develop in supporting tissues, such as fat, muscle, nerves, or blood vessels.
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Immutep was granted ODD from the FDA due to STS having a significant unmet medical need. The company also noted that the ODD shows the potential therapeutic relevance of eftilagimod alfa in STS. This is supported by positive clinical data from the company’s Phase II EFTISARC-NEO trial. This trial evaluated eftilagimod alfa as an STS treatment in combination with radiotherapy and KEYTRUDA.
Marc Voigt, CEO of Immutep, said, “We are pleased that the FDA has recognised the potential of efti for patients with soft tissue sarcoma, a rare and difficult to treat cancer. As previously communicated, the Company is currently undertaking a comprehensive review and analysis following the discontinuation of its Phase III TACTI-004 trial and the outcome will influence the decision regarding any potential future clinical trial with efti.”
Immutep Stock Movement Today
Immutep stock was up 193.81% in pre-market trading on Wednesday, following a 2.14% rally yesterday. Even so, the shares have fallen 88.99% year-to-date and 78.29% over the past 12 months.
With today’s news came heavy trading of IMMP stock, as more than 275 million shares changed hands. For comparison, the company’s three-month average daily trading volume is about 2.42 million shares.
Is Immutep Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Immutep is Hold, based on three Hold ratings over the past three months. Investors will note that there is no average price target for IMMP stock.
