Here is why ImmunoGen Inc. (IMGN) stock went down in the after-hours after good early gains?

ImmunoGen Inc. (IMGN) shares declined 5.03% in after-hours on Tuesday, November 30, 2021, and closed the daily trading at $5.86. However, in the regular trading session, IMGN’s stock gained 29.89%. IMGN shares have risen 13.21% over the last 12 months, and they have moved up 21.94% in the past week. Over the past three months, the stock has gained 1.98%, while over the past six months, it has jumped 4.93%.

Let’s see what are the latest news about the company?

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IMGN proposed a public offering of common stock

On November 30, 2021, ImmunoGen Inc. (IMGN), announced that it intends to offer and sell $175 million of shares of its common stock in an underwritten public offering. An additional fifteen per cent of shares will also be available to underwriters in 30 days’ time period. All of the shares of common stock to be sold in the offering are to be offered by ImmunoGen.

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IMGN reported topline results of mirvetuximab

On November 30, 2021, ImmunoGen Inc. (IMGN announced positive top-line data from the pivotal SORAYA trial evaluating the safety and efficacy of mirvetuximab soravtansine (mirvetuximab) monotherapy in patients with folate receptor alpha (FRα)-high platinum-resistant ovarian cancer who have been previously treated with Avastin® (bevacizumab).

SORAYA enrolled 106 patients. 51% had three prior lines of therapy and 48% had one to two prior lines of therapy. All patients received prior bevacizumab; 48% of patients received a prior PARP inhibitor.

IMGN inducement grants

On November 22, 2021, the compensation committee of ImmunoGen Inc. (IMGN)’s board of Directors granted non-qualified stock option awards to purchase an aggregate of 327,700 shares of its common stock to ten new employees under the ImmunoGen, Inc. Inducement Equity Incentive Plan.

New appointments

On November 17, 2021, ImmunoGen Inc. appointed Tracey L. McCain, Esq. to its Board of Directors.

Ms McCain has more than 20 years of legal, management, and transactional experience in the biopharmaceutical industry and currently serves as the Executive Vice President and Chief Legal and Compliance Officer at Blueprint Medicines Corporation. She received her B.A. from the University of Pennsylvania and her J.D. from Columbia University School of Law.

Also on November 16, 2021, IMGN appointed Kristen Harrington-Smith as Senior Vice President and Chief Commercial Officer.

Ms Harrington-Smith received a BA from Williams College and an MBA from the Kenan-Flagler Business School at the University of North Carolina. She joined ImmunoGen from Novartis Pharmaceuticals, where she served as US Commercial Head of Hematology and led the teams responsible for a broad portfolio of therapies in both benign and malignant hematologic diseases.

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Conclusion

Well, due to the positive results of mirvetuximab, ImmunoGen stock surged in the regular trading but later it declined when the company announced a proposed public offering of its stock. Let’s see how it performs on Wednesday?

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