Diamonds and Dogs
ImmunoGen, Inc. (IMGN)
ImmunoGen spiked up 66% to $15.00 midday today after the company made an announcement at the American Society of Clinical Oncology conference. The company saw positive results from its ovarian cancer treatment, IMGN853. These Phase 1 results have led to a shift in Wall Street recommendations. Morgan Stanley upgraded the company to "Equal-weight" and John Newman raised his price target to $20. IMGN has now more than doubled year-to-date and is making big moves in healthcare.
Puma Biotechnology (PBYI
Puma Biotechnology did not see the same results in its cancer treatment. Neratinib, Puma's breast cancer treatment drug, did not have much of an effect on breast cancer patients, and the benefits were considered "awfully small." Puma's stock price dropped more than 10% and continues to slump as investors are losing confidence in the biotech's future and worried about the side effects of Neratinib. Even though the stock is still far above it's 52 week high at $175, today's results could foreshadow the company's future.