Home Financial Markets Why Did IMCR Stock Go 20% Higher On Wednesday?

Why Did IMCR Stock Go 20% Higher On Wednesday?

In Wednesday’s trading session, Immunocore Holdings plc (NASDAQ: IMCR) increased by 19.70%, closing at $6.5 down from the previous day’s closing price. Shares of Immunocore stock closed their trading session at a price of $32.00 while their peak price of $40.00 was reached during the trading on the day.

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According to data provided by Barchart, IMCR stock closed at $33.00 during the previous trading session, while the volume traded was just under 0.19 million. In the wake of better and more significant results from its phase 3 trial of a lead candidate, the IMCR stock exploded in value.

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What did the trial find?

Biotech company Immunocore is developing a novel type of bispecific TCR immunotherapy called ImmTAX. These TCRs are designed specifically to treat various diseases, including cancer, infectious and autoimmune diseases and antibodies specific against X disease.

The ImmTAX platform, based on IMCR’s proprietary, flexible platform, has allowed the development of a robust pipeline of therapeutics across multiple therapeutic areas. Among them are five clinical-stage programs in oncology and infectious diseases, advanced preclinical programs in autoimmune diseases, as well as many earlier pre-clinical programs.

Immunocore this week presented results from a phase 3 randomized study comparing immunotherapy with investigator’s choice for metastatic uveal melanoma at the American Association for Cancer Research’s 2021 annual meeting in the Clinical Trials Plenary Session.

Tebentafusp from IMCR improved overall survival in patients with MU statistically significant and clinically meaningful. It was manageable and consistent with the proposed mechanism for treatment-related adverse events (AEs).

What was acheived?

The U.S. Food and Drug Administration (FDA) have granted Breakthrough Therapy Designation, Fast Track Designation, and Orphan Drug Designation to Immunocore (IMCR)’s most advanced oncology therapeutic candidate Tebentafusp.

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Additionally, IMCR’s therapeutic candidate has been designated a Promising Innovative Medicine (PIM) by the UK Early Access to Medicines Program for metastatic uveal melanoma. To allow tebentafusp to reach medical practitioners in the third quarter of 2021, Immunocore (IMCR) will submit a Biologics License Application (BLA).

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