Here's why the Immutep (ASX:IMM) share price is rocketing 10% higher

The Immutep Ltd (ASX:IMM) share price is rocketing higher on Thursday morning. Here's why its shares are on fire today…

| More on:
asx share price surge represented by hand holding rocket taking off

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Immutep Ltd (ASX: IMM) share price has been a strong performer again on Thursday.

In morning trade, the biotechnology company's shares are storming 10% higher to 48.5 cents.

Why is the Immutep share price storming higher?

Investors have been buying Immutep's shares following the release of its second announcement in as many days.

On this occasion, the company has provided an update on its lead product candidate, eftilagimod alpha.

According to the release, the soluble LAG-3 protein, which is better known as efti or IMP321, has received Fast Track designation in first line recurrent or metastatic head and neck squamous cell carcinoma (HNSCC) from the United States Food and Drug Administration (FDA).

The company notes that it was granted Fast Track designation due to its potential to address an unmet medical need, as evidenced by encouraging data indicating a positive risk benefit ratio.

The data package evaluated by the FDA included the promising results from Part C of Immutep's Phase II TACTI-002 trial. The Overall Response Rate (ORR) from the trial was approximately 36% (approximately 44% in evaluable patients) for 28 patients receiving efti in combination with KEYTRUDA.

What does Fast Track designation mean?

FDA Fast Track designation is awarded to help important new therapies reach patients earlier.

It is designed to facilitate the development and speed up the review of drug candidates to treat serious conditions and fill an unmet medical need.

The company notes that, importantly, it will now have access to more frequent meetings and communications with the FDA. It could potentially even receive Rolling Review of its Biologic License Application (once submitted) and may be eligible for Accelerated Approval and Priority Review, if relevant criteria are met.

Overall, a very promising development, making the Immutep share price one to watch over the rest of the year.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors finished the trading week on a high note this Friday.

Read more »

Happy teen friends jumping in front of a wall.
Share Gainers

4 ASX 200 shares leading the charge higher this week

Investors have been piling into these four ASX 200 shares this week. But why?

Read more »

A happy investor sits at his desk in front of his laptop and does the mexican wave with his arms to celebrate the returns from his ASX dividend shares
Share Gainers

Why Catapult, Champion Iron, Healthco, and Meeka Metals shares are pushing higher today

These shares are ending the week on a high. But why?

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors saw another day of mild gains for the stock market this Thursday.

Read more »

Man looking happy and excited as he looks at his mobile phone.
Share Gainers

Why Champion Iron, Clarity Pharmaceuticals, St Barbara, and Woodside shares are charging higher today

These shares are having a good session today. But why are investors buying them?

Read more »

The silhouettes of ten people holding hands with their arms raised against the sky, as the sun rises or sets in the background.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors panicked when the latest inflation figures came out today.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Mac Copper, Pro Medicus, Web Travel, and Yancoal shares are pushing higher today

These shares are having a good time on hump day. But why?

Read more »

Silhouettes of nine people climbing a steep mountain to the top at sunset, and helping each other along the way.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a pleasant Tuesday session for ASX investors today.

Read more »