Stock Alert: Immunomedics Soars As Cancer Drug Study Halted Due To Efficacy

(RTTNews) - Shares of Immunomedics Inc. (IMMU) doubled on Monday's morning trade after the company said it is halting a Phase 3 trial of breast cancer drug due to "compelling evidence of efficacy."

Immunomedics' shares are currently trading at $19.01, up $9.61 or 102.23%, on the Nasdaq.

Immunomedics is a clinical-stage biopharmaceutical company developing monoclonal antibody-based products for the targeted treatment of cancer.

Sacituzumab govitecan is the company's lead drug candidate. The drug is in development for metastatic triple-negative breast cancer (mTNBC) advanced urothelial cancer (UC) and metastatic non-small cell lung cancer.

Immunomedics said its Phase 3 ASCENT study will be halted due to compelling evidence of efficacy. This decision was based on the unanimous recommendation by the independent Data Safety Monitoring Committee, during its recent routine review of the ASCENT study.

ASCENT is a Phase 3 confirmatory study designed to validate the promising safety and efficacy data of sacituzumab govitecan observed in a Phase 2 study of heavily pretreated patients with metastatic TNBC. The primary endpoint for the study is progression-free survival, and secondary endpoints include overall survival and objective response rate, among others.

In a separate statement, Immunomedics said it has appointed Harout Semerjian as President and Chief Executive Officer and as a member of the Board, effective April 16, 2020.