Guess which ASX 300 stock is jumping 11% on big news

Big news is giving this stock an even bigger lift on Tuesday. What's happening?

| More on:
A smiling businessman in the city looks at his phone and punches the air in celebration of good news.

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

Imugene Ltd (ASX: IMU) shares are having a strong start to the session on Tuesday.

At the time of writing, the ASX 300 stock is up 11% to 4.9 cents.

Why is this ASX 300 stock jumping?

The catalyst for today's strong gain has been the release of a clinical trial update on its Phase 1 MAST (Metastatic Advanced Solid Tumours) trial. It is evaluating the safety and efficacy of novel cancer-killing virus CF33-hNIS (VAXINIA).

According to the release, a bile tract cancer patient in Imugene's Phase 1 MAST trial remains a complete response, now surpassing more than two years in remission.

In addition, the ASX 300 stock confirms that its Bile Tract Cancer Expansion part of the trial has now cleared its first cohort. This follows the first three patients being evaluated for safety and experiencing no dose limiting toxicities (DLTs). Management notes that it is now open for full enrolment of up to 10 patients.

It has been a big 12 months for VAXINIA. The company highlights that it received FDA Fast Track Designation in November 2023 for the clinical program and its treatment of Bile Tract Cancer. This allows for closer cooperation with the US FDA to expedite the program and the subsequent approval process, including potential for accelerated approval and priority review.

This was then complemented by the receipt of Orphan Drug Designation from the US FDA for VAXINIA's treatment of Bile Tract Cancer in September, which provides a range of incentives in addition to seven years market exclusivity upon FDA approval.

Patent extension granted

Also potentially giving the ASX 300 stock a lift is news that it has been granted a patent extension in the United States.

Imugene has received a patent extension to 2040 from the US Patent and Trademark Office (USPTO) for patent application number 16/324,541. This patent protects its oncolytic virotherapy CF33, including VAXINIA (CF33-hNIS) and CHECKVacc (CF33-hNIS-antiPDL1)

Commenting on both developments, the ASX 300 stock's CEO, Leslie Chong, said:

Imugene receiving this patent extension to 2040 from the US patent office is a significant milestone for the CF33 family of oncolytic viruses. The US is the core healthcare market, and we are delighted to strengthen the patent life.

We're also very pleased to see the two-year milestone reached for the Bile Tract Cancer patient who has maintained a complete response in our MAST study. Most importantly this is an outstanding result for the patient given the limited treatment options available, but also demonstrates the excellent potential of the CF33 oncolytic virus for this and other cancer types. We continue to enroll into the bile tract cancer expansion of the MAST trial.

Should you invest $1,000 in Imugene Limited right now?

Before you buy Imugene Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Imugene Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 7 February 2025

Motley Fool contributor James Mickleboro 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 Share Market News

A man looking at his laptop and thinking.
Share Market News

5 things to watch on the ASX 200 on Thursday

Here's what to expect on the local market today.

Read more »

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a wonderful Wednesday session for investors today...

Read more »

Six smiling health workers pose for a selfie.
Healthcare Shares

Guess how much $5,000 invested in Sigma shares in December 2023 is worth now!

Sigma shares have soared over the past year alongside the merger with Chemist Warehouse.

Read more »

Hands reaching high for a trophy with a sunset in the background.
52-Week Highs

These 7 ASX 200 shares just hit new 52-week highs

Do you own any of these winners today?

Read more »

Investor sitting in front of multiple screens watching share prices
Broker Notes

Top brokers name 3 ASX shares to buy today

Here's what brokers are recommending as buys this week.

Read more »

Ecstatic man giving a fist pump in an office hallway.
Share Gainers

Why AGL, Bravura, Computershare, and Evolution Mining shares are roaring higher today

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

Read more »

A gambler at a casino bets a pile of chips on one number
Share Fallers

Down 78% in a year, time to throw in the towel on Star Casino shares?

Has the time come to cut and run?

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Amotiv, Dexus Industria, St Barbara, and Wildcat shares are sinking today

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

Read more »