Why Did $IMGN Explode Today?

This morning, on, there was an increase in the search volume for $IMGN, ImmunoGen. What happened?

ImmunoGen $IMGN, a biotechnology company, just announced a major breakthrough in the ever-expanding field of antibody-drug conjugates (AJC’s) for cancer. With COVID-19 continually shifting how the entire world functions, innovations in the treatment of cancer present an interesting opportunity for profits.

Since last Monday, ImmunoGen has seen their stock price surge by over 26%. According to Yahoo Finance, ImmunoGen declared today that they have been granted with the Breakthrough Therapy designation for the treatment of patients with relapsed or refractory blastic plasmacytoid dendritic cell neoplasm (BPDCN). After a seeing a 26% increase within just the past week, could ImmunoGen become a critical player in the pharmaceutical world? Or will other pharmaceutical giants like Johnson & Johnson and Pfizer dominate the industry when they release a COVID-19 vaccine? That much will become clear in the following weeks.

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