IMNM Stock Increases Over 35% Pre-Market: Why It Happened

By Amit Chowdhry ● Jul 20, 2021
  • The stock price of Immunome Inc (NASDAQ: IMNM) increased by over 35% pre-market. This is why it happened. 

The stock price of Immunome Inc (NASDAQ: IMNM) – a biopharmaceutical company that utilizes its human memory B cell platform to discover and develop first-in-class antibody therapeutics –  increased by over 35% pre-market. Investors are responding positively to Immunome announcing today that its three-antibody cocktail (IMM-BCP-01) has demonstrated potent neutralizing activity against the SARS-CoV-2 Delta variant in pre-clinical pseudovirus testing. And IMM-BCP-01 showed in-vitro activity via non-neutralizing mechanisms, such as complement fixation, which Immunome expects will enable viral clearance.

Immunome was awarded a $17.6 million technology award from the U.S. Department of Defense’s Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND) in collaboration with the Defense Health Agency to support Immunome’s COVID program. And given the near-term potential for a resurgence of COVID-19 infections driven by emerging variants, Immunome intends to explore opportunities to expedite the development of this potential therapeutic. The company is planning to submit an IND application with the U.S. Food and Drug Administration (FDA) this quarter.

KEY QUOTE:

“IMM-BCP-01’s ability to maintain neutralizing activity against emerging SARS-CoV-2 variants, including the Delta variant, potentially positions our drug candidate as a long-term solution to the changing threat posed by COVID-19. We believe our lead candidate’s mechanism of action, targeting at least three non-overlapping epitopes – informed by authentic human immune response – provides a robust defense against future mutational drift. Currently, the delta variant accounts for a majority of coronavirus cases in the United States.”

— Purnanand Sarma, PhD, President & CEO of Immunome

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.