S&P/ASX 200 (ASX: XJO) stocks are down 0.3% at lunchtime on Tuesday, but as always, there are outliers.
Today, ASX healthcare stock Imugene Limited (ASX: IMU) is leading the ASX 200 with its share price up 6% to 12 cents.
The immuno‐oncology biotech hasn't released any announcements to the market today.
However, Imugene released some price-sensitive news last week, so let's look at that.
What's pushing this ASX 200 stock higher?
Imugene is a biotech ASX 200 stock. The company is developing immunotherapies to treat and kill cancerous tumours and is currently conducting several clinical trials.
Last week Imugene announced that its onCARlytics technology was featured in an abstract ahead of the American Society of Gene and Cell Therapy's Annual Meeting (ASGCT) on 16 May to 20 May.
An abstract is essentially a pitch to conference organisers in the hope of a formal invitation to present at the conference itself.
Opportunities to present at medical conferences are important for rising biotechs like Imugene.
These events can garner interest from new investors and potential future customers (i.e., the attending medical practitioners.)
The abstract outlined the effectiveness of combination immunotherapy using Imugene's onCARlytics technology together with Eureka Therapeutics' Artemis T cell platform to treat hepatocellular carcinoma (HCC).
HCC is the most primary type of liver cancer and the sixth most common cancer in the world.
In a statement, Imugene said:
While hepatocellular carcinoma (HCC) has systemic therapies and curative treatment options, CD19 targeting CAR T cell therapy has shown positive clinical outcomes, despite some ongoing challenges in bringing effective results into solid cancers.
… the combination strategy can be applied to otherwise target-less tumours such as HCC, and this shows the potential this could be applicable to a wide array of solid cancers as an effective immunotherapy approach.
Imugene has presented at several conferences already in 2023.
They include the prestigious J.P. Morgan Healthcare Conference, which attracts thousands of global investors every year.
Imugene has also presented at the ASCO Gastrointestinal Cancers Symposium and the NWR Healthcare Conference.
Imugene share price snapshot
This ASX 200 stock is down 13% in 2023 while the S&P/ASX 200 Health Care Index (ASX: XHJ) is up 8%.
