ImmunoGen's Ovarian Cancer Drug Shows Promising Results, Stock Skyrockets.

Biotech company ImmunoGen's stock soared 136% after reporting "significant and clinically meaningful" survival results in a phase 3 trial of its Elahere treatment for platinum-resistant ovarian cancer. The drug reduced the risk of death by 33% and showed a statistically significant improvement in progression-free survival compared with chemotherapy. ImmunoGen plans to submit a marketing authorization application in Europe and a supplemental Biologics License Application in the U.S. for a conversion to a regular approval of Elahere. The drug was granted accelerated approval by the FDA in November.