Why is Imogene stock price one of the biggest ASX 200 fallers today?

 Imugene is the worst-performing ASX 200 healthcare stock these days.

Tuesday brought more pain to Imogen's stock price. Currently down 12 % at 13 cents
This is despite the apparently positive news about the headline-grabbing anti-cancer virus trial
Imogen's management reassured investors last month that the company is doing well despite the decline in its stock price in 2022


Imogen limited'S share price ASX: IMU is struggling on Tuesday despite the company's silence.


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Although the biotech company has made headlines again today regarding the trial of the anti-cancer virus, CF-33-Hennessy.


The first patient was dosed using HIV therapy as part of the trial last month.


At the time of writing, Imogen's share price is 13 cents, which is 12% lower than its previous close.


According to the ASX website, he is today's seventh biggest faller among ASX 200 stocks.

For context, the S&P/ASX 200 Index (ASX: XJO) is 4.4% lower due to a large-scale sell-off in the market.


Let's take a closer look at what's happening with Imogen's stocks on Tuesday.


What's wrong with Imogen's share price?
Imogen's share price suffered on Tuesday despite the positive headline regarding the company's CF-33-Hennessy treatment trial.

A first-of-a-kind Phase I trial could soon be launched in which additional patients are said to be waiting to receive treatment.


"The FDA has mandated that you have to wait 28 days before you can dose another patient because you really want to have this safety profile," Imogen CEO Leslie Chong told the Australian Associated Press in an article published by Yahoo Finance. 
"So we are simply waiting for those 28 days.”


Imogen announced that the first patient was infected with the anti-cancer virus on May 18. Tomorrow marks 28 days since the news was released.


By all accounts it's going well, with Chung commenting:


I am always glad when I don't hear anything because this means that the patient has a lot of safety, and we didn't hear anything – so we are really happy.


In addition, the insensitive disclosure of the price to the ASX this morning shows an increase in the shares of Imogen for one of the company's managers.


Charles Walker's indirect stake in the company was lifted by 128,000 shares last week. These shares were bought on the market for 15.5 cents.


Imogen's share price is the worst performing of the Standard & Poor's / ASX 200 healthcare index (ASX: XJ) today.


At the moment, the sector is down 4.2% with only one of its components – polinovo limited (ACC: bnv) — recording gains.


Imogen wrote to shareholders last month, saying he was "as strong as ever" despite recent share price struggles.


The stock is down 69 % in 2022 so far. It is also 61% lower than at this time last year.


Motley Fool shareholder Brock Cooper does not have a position in any of the listed shares. The parent company of Motley Fool Australia is Motley Fool Holding Inc. It has functions in the recommended polinovo FBO. Motley Fool Australia does not have a position in any of the listed stocks. Motley Fool has a disclosure policy. This article contains only general investment tips (under AFSL 400691). Authorised by Scott Phillips.



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