What's with the Imugene share price today?

Investors appear to be pleased with the immuno‐oncology biotech's progress.

| More on:
Medical technicians wearing white medical coats conduct a test in a laboratory.

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

Key points

  • The Imugene share price is up 4% today after the company released its March quarter cash flow and activities report
  • Imugene is currently conducting several clinical trials of immunotherapies that seek to activate the immune system of cancer patients to treat and kill off cancerous tumours
  • The biotech company commenced the Australian arm of its VAXINIA trial during the quarter, with Tasman Oncology Research in South Australia being the first cancer hospital to sign up 

The Imugene Limited (ASX: IMU) share price lifted 4% today after the company released its March quarter report.

Imugene shares gained half a cent and were swapping hands at 13 cents in earlier trade but have since returned to their closing price yesterday of 12.5 cents.

The S&P/ASX All Ordinaries Index (ASX: XAO) has also lost a little ground in the late afternoon and is currently trading just 0.13% higher.

Let's take a look at today's report from the ASX biotech share.

Imugene share price goes green

Imugene is a clinical-stage immuno‐oncology company developing virotherapies that seek to activate the immune system of cancer patients to treat and kill off cancerous tumours.

There was nothing new in today's report other than a few financial metrics. However, investors appear pleased with the company's financial position and the progress it has made in its trials over the period.

Cancer trials

Key developments during the quarter include the first patients being dosed in the VAXINIA and Pembrolizumab combination study. VAXINIA is a cancer-killing virus.

Patients in the intravenous (IV) and intratumoral (IT) cohorts received their first dose of the immunotherapy.

Imugene aims to recruit up to 100 patients across several trial sites in the United States and Australia for this trial. It got approval to start trials in Australia during the quarter. The first hospital involved is Tasman Oncology Research in South Australia. Imugene is opening other sites now.

Imugene also began its multicenter Phase 1 MAST trial. The trial involves patients with metastatic or advanced solid tumours who have had at least two prior lines of existing standard cancer treatment.

Imugene's preclinical laboratory and animal studies showed VAXINIA reduces the size of colon, lung, breast, ovarian and pancreatic cancer tumours.

New patent

Imugene also received a US patent until 2038 for its B-cell activating immunotherapy PD1-Vaxx.

PD1-Vaxx is in clinical development for non-small cell lung cancer (NSCLC). Imugene intends to run a clinical trial that combines PD1-Vaxx with the immune checkpoint inhibitor drug, atezolizumab.

Financials

In terms of the company's financial position, Imugene had $151.5 million in cash or equivalents at the end of the quarter.

The company spent $10.6 million net cash on operating activities. Direct research and development and staff costs accounted for 83% of the expenditure.

Spreading the word on progress

Imugene presented at several conferences during the quarter, including the prestigious J.P. Morgan Healthcare Conference, which attracts thousands of global investors every year.

The company also presented its HER-Vaxx & CF33 platforms at the ASCO Gastrointestinal Cancers Symposium, which attracts thousands of oncologists, clinical researchers, and academics.

Imugene also gave a presentation at the NWR Healthcare Conference.

In addition, the biotech company announced positive imaging data for its oncolytic virotherapy candidate, CHECKvacc, last week.

Imugene share price snapshot

The Imugene share price is down 9.3% in 2023 so far.

Its peers in the S&P/ASX 200 Health Care Index (ASX: XHJ) have gone up 8.9%.

Motley Fool contributor Bronwyn Allen 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.

More on Healthcare Shares

Male doctor in a lab coat working at laptop looking serious.
Healthcare Shares

This bombshell for ASX healthcare shares could hit 6 million Australians

This could have a large impact.

Read more »

Two scientists in a Rhythm Biosciences lab cheer while looking at results on a computer.
Healthcare Shares

2 ASX healthcare shares having a stellar run today

The ASX healthcare sector is down today but these two stocks are bucking the trend.

Read more »

A company manager presents the ASX company earnings report to shareholders at an AGM.
Healthcare Shares

Why this $13 billion ASX 200 healthcare stock is surging today

A change in sentiment for the healthcare player.

Read more »

Shot of a scientist using a computer while conducting research in a laboratory.
Healthcare Shares

This ASX 200 stock hit a 52-week low and a top broker thinks it can rebound

Patient investors may see this stock make a pleasing recovery.

Read more »

A couple smile as they look at a pregnancy test.
Healthcare Shares

Why this sold-off ASX healthcare share could be an exciting dividend buy

This could be a healthy stock for dividends.

Read more »

a smiling woman sits at her computer at home with a coffee alongside her, as if pleased with her investments.
Healthcare Shares

Is CSL the best ASX 100 share to buy now?

Bell Potter has good things to say about this blue chip star.

Read more »

Scientists in a laboratory look at a computer screen with anticipation on their faces representing a potential change in the performance of ASX biotech shares in FY23
Healthcare Shares

Down 10% in a month, are CSL shares feeling the sting of a potential disruption?

Brokers are still bullish.

Read more »

One girl leapfrogs over her friend's back.
Healthcare Shares

Doubled in a year! Does this booming ASX share have another 24% upside?

Let's take a look.

Read more »