Why has the Imugene share price tumbled 12% in under a week?

What's going on at Imugene?

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Key points
  • Imugene shares have fallen nearly 12% in less than a week 
  • However, on 15 November, Imugene shares surged 5% 
  • The company held its AGM on 17 November 

The Imugene Limited (ASX: IMU) share price has had a tough run lately.

Imugene shares have dropped nearly 12% since market close on 15 November. The company's share price was flat today and closed the day trading at 19 cents.

Let's take a look at what is happening at Imugene.

A doctor in a white coat sits at her computer with finger on mouth thinking about something in her office with medical equipment in the background.

Image source: Getty Images

What's going on?

Imugene is a biotechnology company working on immunotherapies to treat cancer.

The Imugene share price descended nearly 10% last Wednesday,1 6 November. The S&P/ASX 200 Health Care Index (ASX: XHJ) also lost 1% on this day.

The dramatic fall on Wednesday followed the company's share price soaring 5% on Tuesday, 15 November.

Imugene provided an investor presentation to the market on this day. The company highlighted it had $163.8 million in cash as of 30 September. The company has five unique assets, three platform technologies, 2 supply agreements, three scientific collaborations and 10 clinical studies.

On 17 November, Imugene held its AGM. The company's share price was flat on this day. All resolutions at the meeting were carried but the company noted more than 25% voted against the 2022 remuneration report.

Highlights in 2022 included positive overall survival results in phase two of the HER-Vaxx trial, a clinical trial agreement with Roche to investigate the PD-1-Vaxx in combination with Tecentriq, and cohort three being cleared in the phase one study of CHECKvacc for treatment of patients with triple negative breast cancer. In the Vaxinia trial, the first patients were dosed and cleared in IV cohort 1 and IT cohort 2.

On 11 November, Imugene advised it has escalated the dose in the phase one clinical trial of Vaxinia. This treatment has been shown to shrink cancer tumours in animal models.

Imugene share price snapshot

The Imugene share price has tumbled 65% in the past year, while it has fallen 57% year to date.

For perspective, the ASX 200 has fallen nearly 3% in the last year.

Imugene has a market capitalisation of $1.14 billion based on the current share price.

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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