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What is driving the Immutep share price in June?

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The Immutep Ltd (ASX: IMM) The stock price has been swirling in recent months, having fallen from a 52-week high of 71 cents in November to close Friday’s session at 37 cents.

Investors pushed the stock to its lowest level in 52 weeks in April this year, when it then found buyers at the 30.5 cent mark, and it has been rising ever since.

As seen below, Immutep’s stock price has gained around 7% over the past month, despite the period of volatility leading up to this point.

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What are the tailwinds for Immutep stock price in June?

Immutep’s share price came out of May in a healthy position, after strengthening throughout the month. Investors pushed the stock up around 24% in May following two updates on the company’s lead drug candidate, efti.

Study readings are key in the narrative of the growth of biotech stocks like Immutep. For the company, news about its etfi compound has been key to its share price appreciation.

More recently, Immutep announced another Phase 2 trial update regarding the use of etfi as a combination therapy with the drug Keytruda (pembrolizumab).

The trial, called TACTI-002, “achieved its primary objective for patients with 1st-line non-small cell lung cancer (NSCLC) in a phase II PD-L1 all-comers clinical trial conducted in collaboration with MSD,” the company said.

[The] “The combination efti plus pembrolizumab shows favorable anti-tumor activity…[dosages] were safe and well tolerated, with a safety profile consistent with that seen in previously reported studies,” he added.

Speaking on the results, Immutep CEO Marc Voigt said:

We are delighted that patient outcomes are improved with the combination of efti and pembrolizumab in different patient groups. The data is encouraging for patients, as there is an unmet medical need, especially for people with NSCLC with no or low PD-L1 expression.

Immutep was also on the radar of Pengana High Conviction portfolio manager James McDonald when he spoke to Tony Yoo of The Motley Fool last month.

McDonald said there was “a very substantial upside” in Immutep’s share price if the company was able to successfully tap into its US$50 billion addressable market.

Over the past 12 months, Immutep’s share price has fallen over 43% and is also down around 24% since the start of the year.