Shares in Imugene Limited (ASX: IMU) continue to be among the most traded shares on the market. Unfortunately for investors, the Immugene share price has been on a heavy losing streak this week, falling 14% in the last 5 days.
Imugene is a clinical stage immuno-oncology company currently developing a range of new treatments that seek to activate the immune system of cancer patients to identify and eradicate tumours.
The company is conducting a number of trials including HER-Vaxx, an immunotherapy to treat tumours that over-express the HER-2/neu receptor, such as gastric, breast, ovarian, lung and pancreatic cancers.
The Imugene share price has been volatile recently, rising from 12 cents in April to a record high of 50 cents at the end of May, more than tripling its value.
June has brought a change in fortune, however, with shares sliding back to their current price of 32.5 cents apiece. With no negative announcements from the company, let’s take a look at what’s been happening recently.
Since April, the company has released several announcements that have sent the Imugene share price surging higher.
One significant release came on 21 April when Imugene announced that the second clinical endpoint for its HER-Vaxx clinical studies had been met.
On 18 May, Imugene declared it had entered into an agreement with City of Hope, an independent cancer research and treatment centre, to license the patent for its CD19 therapy.
It was a world first, with the technology under the license being an extension of chimeric antigen receptor (CAR) T cell cancer therapy, which has the potential to treat solid cancers. Imugene plans to begin its first clinical trial of CD19 in 2022.
Following that announcement, banking firm FROTH Capital raised the Immugene share price target to 42 cents. This was based on a number of factors, including the projected future revenue of Imugene CHECKvacc, HER-Vaxx, and PD1-Vaxx trials.
With the biotech’s surging share price a likely reflection of its significant announcements in the world of immunology, the latest price drop is a bit of a mystery. It’s possible there could be some profit-selling at play.
The good news today is the Imugene share price is lifting again, up 3.8% trading at 32.5 cents at the time of writing.