NEW YORK, Jan 5, 2026, 15:54 EST — Regular session
- IMNM slid about 5% in late-session trading, steeper than biotech ETFs
- Stock is trading below the $21.50 follow-on offering price set in mid-December
- Next company checkpoint is a Jan. 14 J.P. Morgan Healthcare Conference webcast
Shares of Immunome, Inc. fell 5.3% to $19.72 in late afternoon trading on Monday, underperforming U.S. biotech peers. The SPDR S&P Biotech ETF slid 1.1% and the iShares Nasdaq Biotechnology ETF was off 0.9%. IMNM opened at $20.83 and touched $19.36, with about 1.6 million shares changing hands by 3:54 p.m. EST, according to market data.
Immunome has not posted a news release since Dec. 16, when it priced a public offering of common stock, the company’s investor relations site showed. That quiet calendar can magnify day-to-day swings in small-cap biotech stocks, where positioning often runs ahead of the next corporate update. 1
For investors, the question is less about Monday’s tape and more about what comes next: whether management can lay out a straight path from late-stage data to an FDA filing, and then to a commercial launch that justifies the recent financing.
In December, Immunome said its Phase 3 RINGSIDE trial of varegacestat in desmoid tumors met its primary endpoint, improving progression-free survival — the time patients live without the disease worsening — and cut the risk of progression or death by 84% versus placebo. CEO Clay Siegall said the findings “demonstrate the potential of varegacestat to offer best-in-class results,” and the company said it planned a U.S. new drug application — the formal filing seeking FDA approval — in the second quarter of 2026. The company cautioned that the topline results were based on a preliminary analysis and could change after further review. 2
Immunome priced an underwritten public offering — a bank-led stock sale — of 18.625 million shares at $21.50 per share and said it expected about $400 million in gross proceeds. With the stock now around $19.7, the offering price has become a visible reference point for investors measuring how the market is digesting the expanded share count. 3
Varegacestat would enter a market with an incumbent: SpringWorks Therapeutics’ Ogsiveo (nirogacestat), the only FDA-approved drug for adults with progressing desmoid tumors who need systemic treatment. The FDA approved Ogsiveo in November 2023. 4
Investors are watching for practical details that don’t show up in trial headlines—manufacturing readiness, the label the FDA might grant, and how quickly payers would reimburse another oral therapy in a rare disease. Cash burn also matters, even after a big raise, because late-stage oncology programs can be expensive to commercialize.
Technically, Monday’s dip pushed IMNM toward its session low around $19.36, while $21.50—the December offering price—stands out as the next level bulls would want back. The stock has traded between $5.15 and $25.30 over the past 52 weeks. 5
But the regulatory path can still twist: the FDA can ask for additional analyses or impose post-approval requirements, and any delay would push back revenue expectations and keep the company dependent on capital markets. A broader risk-off turn in biotech can also widen the gap between clinical progress and stock performance.
