Latest Reports on Stocks to Watch: Inotek Pharmaceuticals and ImmunoGen

NEW YORK, NY / ACCESSWIRE / January 4, 2017 / U.S. markets posted impressive after a tumultuous start to 2016. The Dow Industrials posted its worst-ever 5-day period to being the year with a 6.2 percent drop, hitting a two-year low of 15,660.18, on February 11th. On December 30th, the Dow closed at 19,775.93, up 13.42 percent for the year. The S&P 500 Index increased 9.5 percent, while the NASDAQ added 7.5 percent in 2016, its largest gain since 2014.

“We ended the year with nothing to [damp] the optimism about the 2017 economic outlook,” said Kit Juckes, global head of foreign-exchange strategy Société Générale SA.

Some investors however have been concerned about stock valuations and that the market’s year-end run may have been overdone. “We’re in the modestly positive camp,” said Jason Pride, director of investment strategy for Glenmede. “We were surprised by the market’s strength going into the end of the year, which makes our mindset a bit more cautious heading into 2017.”

Markets edged higher to being the New Year. The Dow Jones Industrial Average rose over 150 points in early trading Tuesday before settling to close at 19,881.76, up 0.60 percent, while the S&P 500 Index gained 0.85 percent to close at 2,257.83. Health care stocks led the way for the S&P 500 with a 1.06 percent gain.

Let’s Take a Closer Look at Tuesday’s Market Movers

Inotek Pharmaceuticals Corp. (NASDAQ: ITEK)

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Inotek Pharmaceuticals’ shares dropped 71.31 percent to close at $1.75 a share Tuessday. The stock traded between $1.65 and $2.20 on volume of 18.16 million shares traded. The company released top-line results of MATrX-1, the first pivotal Phase 3 trial of trabodenoson for the treatment of primary open-angle glaucoma (POAG) or ocular hypertension (OHT). Results showed that the trial did not meet its primary endpoint of superiority in reduction of intraocular pressure (IOP) when compared with the placebo group.

“We are disappointed that the primary endpoint of superiority at all 12 time points was not achieved,” commented David P. Southwell, President and Chief Executive Officer of Inotek. “Later this quarter, we expect to receive additional data beyond the top-line results reported today. Once we have the additional data, we will determine next steps in the trabodenoson monotherapy program.”

ImmunoGen, Inc. (NASDAQ:
IMGN)

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ImmunoGen Research Report at ub.rdinvesting.com/?ticker=IMGN

ImmunoGen shares increased 1.96 percent to close at $2.08 a share Tuesday. The stock traded between $1.84 and $2.10 on volume of 4.78 million shares traded. On Decemebr 28th, the company announced results from the Phase 1 expansion cohort evaluating mirvetuximab soravtansine (IMGN853) in patients with folate receptor alpha (FRα)-positive platinum-resistant ovarian cancer were published in the Journal of Clinical Oncology.

“Standard single-agent therapy for patients with platinum-resistant ovarian cancer typically has a response rate below 20% and median progression-free survival below four months,” said Kathleen Moore, M.D., Associate Professor, Stephenson Cancer Center, University of Oklahoma, and lead author of the publication. “Mirvetuximab soravtansine generated encouraging efficacy and tolerability data in the Phase 1 trial that suggest the potential to improve clinical outcomes for this patient population.”

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