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.
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. Investor Relations
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.
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.
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.
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.
