Shares of the Immutep Limited (IMMP) stock were declining today after recording the gain of 11.32% at the previous closing. IMMP stock price saw a downtrend of 5.76% to drop at $3.37 a share as of this writing. We find no news today to link with IMMP stock however it achieved FDA approval for one of its pipeline candidates on April 8, 2021, after which IMMP stock jumped as much as 14.8% during the last trade. Let’s deep dive to explore more of it.
What’s happening?
Immutep Limited (IMMP) is a biotech company working on the research and development of various pharmaceutical products for the cure of cancer and various autoimmune diseases. There is no activity by the IMMP stock today to justify the falling stock price but this downtrend might be due to profit takers stepped in.
Yesterday, On April 8, 2021, IMMP received the FDA approval for its lead product candidate eftilagimod alpha, a soluble LAG-3 protein used to treat recurrent or metastatic head and neck squamous cell carcinoma (HNSCC). This fast-track designation approval has been granted after the reporting of phase 2 clinical data by the Immutep in combination with Keytruda, a cancer drug of Merck, to address the unmet medical needs related to HNSCC.
IMMP entered the second collaboration with Merck on March 16, 2021, in order to evaluate the eftilagimod alpha in combination with Keytruda, a Merck’s cancer drug, in phase 2 clinical trial.
Prior to FDA approval, on April 7, 2021, IMMP announced that it had been granted patent number EP3317301 by the European patent office. Novartis AG is the co-owner of the patent and the expiry date of Immutep S.A.S is 28 July 2036.
Conclusion:
IMMP stock was down today after enjoying the bullish sentiment at the previous trading session. Currently, we find no products of Immutep in the market and most of its pipeline candidates are in the early stages of development. Immutep partnerships with big companies like Pfizer, Merck, and others are a good sign of its reputation. In a nutshell, investors need to do fundamental as well as technical analysis before adding this stock to their portfolio.
