Why ImmunoGen, Inc. Got Burned into ASH Today

ImmunoGen (NASDAQ: IMGN) closed down 12.6% on Wednesday, following the release of abstracts for the American Society of Hematology (ASH) meeting next month.

The data covers a pair of ImmunoGen's early-stage antibody drug conjugates. IMGN779, which targets CD33, is being developed for acute myeloid leukemia (AML), while IMGN632, which targets CD123, is being developed for blood cancers, including AML and blastic plasmacytoid dendritic cell neoplasm (BPDCN).

The latter hasn't entered the clinic yet, so the ASH presentation will simply go over the expression patterns of CD123 and some preclinical anti-leukemia activity; this will give investors some ideas of potential treatments using IMGN632, but shouldn't be driving the share price.

Source: Fool.com