Immunome (IMNM) to Acquire Desmoid Tumor Candidate, Stock Up
Shares of Immunome, Inc. IMNM were up 36.9% on Feb 6 after the company announced that it has entered into a definitive asset purchase agreement with Wilmington, DE-based oncology company Ayala Pharmaceuticals, Inc. to acquire the latter’s investigational gamma secretase inhibitor, AL102, and related drug candidate, AL101.
AL102 is currently being evaluated in the pivotal phase III RINGSIDE study as a once-daily oral treatment for desmoid tumors, an aggressive tumor of the soft tissues.
The closure of the transaction is subject to fulfillment of customary closing conditions.
Previously, data from the phase II portion of the RINGSIDE study showed that treatment with AL102 led to clinically meaningful anti-tumor activity across several parameters.
Importantly, data from studies suggest treatment with AL102 to be more effective in treating desmoid tumors compared with SpringWorks Therapeutics’ SWTX newly approved, oral gamma-secretase inhibitor, Ogsiveo (nirogacestat).
Shares of Immunome have skyrocketed 332% in the past year against the industry’s decline of 13.2%.
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In November 2023, the FDA approved SpringWorks’ Ogsiveo for treating adult patients with progressing desmoid tumors who require systemic treatment.
Following the FDA nod, Ogsiveo became the first drug to be approved by the regulatory body for the given indication. SWTX believes that Ogsiveo has the potential to become the new standard of care for patients suffering from desmoid tumors.
The acquisition of AL102 looks like a good strategic fit for Immunome as the candidate is likely to complement the company’s current portfolio of targeted cancer agents, which are being developed in early-stage studies.
Immunome remains focused on submitting a new drug application for AL102 in desmoid tumors. The company is also planning to study the candidate targeting other cancer indications.
The FDA has granted an Orphan Drug designation and a Fast Track Designation to AL102 for the treatment of desmoid tumors.
Immunome currently does not have any approved products in its portfolio. Therefore, in the absence of a marketed product, the successful development of its pipeline candidates remains the key focus of the company.
Zacks Rank & Stocks to Consider
Immunome currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the healthcare sector are Immunocore Holdings plc IMCR and Puma Biotechnology, Inc. PBYI, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Immunocore Holdings’ 2024 loss per share have narrowed from $1.45 to $1.42. In the past year, shares of IMCR have rallied 22.8%.
Immunocore Holdings beat estimates in two of the last four quarters and missed the same on the remaining two occasions. IMCR delivered a four-quarter negative average earnings surprise of 1580.83%.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 64 cents to 69 cents. In the past year, shares of PBYI have risen 8.7%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.
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