Why has the Imugene share price tumbled 12% in under a week?

What's going on at Imugene?

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • Imugene shares have fallen nearly 12% in less than a week 
  • However, on 15 November, Imugene shares surged 5% 
  • The company held its AGM on 17 November 

The Imugene Limited (ASX: IMU) share price has had a tough run lately.

Imugene shares have dropped nearly 12% since market close on 15 November. The company's share price was flat today and closed the day trading at 19 cents.

Let's take a look at what is happening at Imugene.

A doctor in a white coat sits at her computer with finger on mouth thinking about something in her office with medical equipment in the background.

Image source: Getty Images

What's going on?

Imugene is a biotechnology company working on immunotherapies to treat cancer.

The Imugene share price descended nearly 10% last Wednesday,1 6 November. The S&P/ASX 200 Health Care Index (ASX: XHJ) also lost 1% on this day.

The dramatic fall on Wednesday followed the company's share price soaring 5% on Tuesday, 15 November.

Imugene provided an investor presentation to the market on this day. The company highlighted it had $163.8 million in cash as of 30 September. The company has five unique assets, three platform technologies, 2 supply agreements, three scientific collaborations and 10 clinical studies.

On 17 November, Imugene held its AGM. The company's share price was flat on this day. All resolutions at the meeting were carried but the company noted more than 25% voted against the 2022 remuneration report.

Highlights in 2022 included positive overall survival results in phase two of the HER-Vaxx trial, a clinical trial agreement with Roche to investigate the PD-1-Vaxx in combination with Tecentriq, and cohort three being cleared in the phase one study of CHECKvacc for treatment of patients with triple negative breast cancer. In the Vaxinia trial, the first patients were dosed and cleared in IV cohort 1 and IT cohort 2.

On 11 November, Imugene advised it has escalated the dose in the phase one clinical trial of Vaxinia. This treatment has been shown to shrink cancer tumours in animal models.

Imugene share price snapshot

The Imugene share price has tumbled 65% in the past year, while it has fallen 57% year to date.

For perspective, the ASX 200 has fallen nearly 3% in the last year.

Imugene has a market capitalisation of $1.14 billion based on the current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Healthcare Shares

a biomedical researcher sits at his desk with his hand on his chin, thinking and giving a small smile with a microscope next to him and an array of test tubes and beackers behind him on shelves in a well-lit bright office.
Healthcare Shares

CSL launches clinical trials for new plasma manufacturing process

CSL will launch clinical trials of its new Horizon 2 plasma process in 2027, seeking enhanced yields and regulatory approvals.

Read more »

A doctor in a white coat sits at her computer with finger on mouth thinking about something in her office with medical equipment in the background.
Healthcare Shares

Should I buy CSL shares before the end of July?

Here's what I expect from the beaten-down biotech stock next month.

Read more »

Concept image of a businessman riding a bull on an upwards arrow.
Broker Notes

Up 1,250% in a year, why 4DMedical shares can keep charging higher

A top analyst forecasts more outperformance from the surging shares.

Read more »

A male doctor wearing a white lab coat shrugs his shoulders and holds his hands up in the air looking confused.
Healthcare Shares

Down 31%: Is there any chance of a rebound from ResMed shares?

The ASX healthcare share has lost 31% over the past 12 months.

Read more »

A group of people in a corporate setting do a collective high five.
Healthcare Shares

If I invested $5,000 in this ASX healthcare stock 12 months ago, I'd have over $67k today!

This ASX healthcare stock is bucking the trend.

Read more »

Scientists working in the laboratory and examining results.
Healthcare Shares

Down 35% for the year, is it time to buy this beaten-down ASX biotech?

Stronger revenue numbers signal potential upside.

Read more »

doctor making thumbs up gesture and holding vial labelled 'covid-19 vaccine' representing covid shares
Healthcare Shares

What to expect from CSL shares this reporting season

Will CSL surprise or disappoint investors?

Read more »

laboratory workers looking disappointed
Healthcare Shares

These battered ASX healthcare shares could bounce back

Strong moats and bullish brokers put these ASX stocks back on watch.

Read more »