That’s a huge positive divergence between large players volume and the price of IMGN stock. Notice too the bullish Pocket Pivot signal last week (blue dot).
Dark pool activity was also detected in IMGN stock on January 31, 2020.
This dark pool trade represented a whopping 55% of the average daily volume in IMGN stock; however, we are unable to determine if this dark pool order was a buy or sell order.
Back on December 17, 2019, ImmunoGen announced that the FDA has advised that a new single-arm study in platinum-resistant ovarian cancer could support accelerated approval for mirvetuximab soravtansine. Based on this guidance, the company will initiate SORAYA, a pivotal trial to evaluate mirvetuximab monotherapy in women with folate receptor alpha-high platinum-resistant ovarian cancer who have been previously treated with Avastin.
“We have engaged in constructive discussions with FDA and evaluated all avenues to bring mirvetuximab to patients more quickly,” said Mark Enyedy, ImmunoGen’s President and CEO. “Having aligned with the agency that women with FRalpha-high platinum-resistant ovarian cancer that has progressed after prior treatment with bevacizumab require better therapeutic options, we are pleased to advance mirvetuximab in this patient population with SORAYA, which, if successful, would enable us to submit an application for accelerated approval during the second half of 2021. We anticipate enrolling the first patient in SORAYA next quarter and expect top-line data from the study in mid-2021.” ImmunoGen’s mirvetuximab program now includes two new trials, SORAYA and MIRASOL, which will enroll concurrently.
H.C. Wainwright analyst Debjit Chattopadhyay called ImmunoGen’s agreement with the FDA to expedite the availability of mirvetuximab soravtansine for patients with platinum-resistant ovarian cancer a compelling regulatory action we did not anticipate. He raised his price target on shares to $9 from $5 based on the news. He says that top-line SORAYA study data are now expected in the first half of 2021, which could lead to a commercial launch mid-2022 which would be about a year ahead of launch estimates. He has a Buy rating on ImmunoGen shares.