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ImmuPharma Share Price Fell 10% Today, Here’s Why

Simon Mugo trader
Updated 11 Sep 2020

Practice Stock Trading
ImmuPharma logo

Shares of ImmuPharma PLC (LON: IMM) fell 10% after the company revealed that its US licensing partner Avion was yet to receive a response from the US Food & Drug Administration (FDA) regarding its application for the assessment of Lupuzor’s Phase III trial.

The company clarified that the application was still pending before the FDA in a review queue due to the FDA’s current heavy workload.

Lupuzor is a drug targeted at treating lupus, a systemic autoimmune disease, which usually leads to the bodies immune system attacking its own organs and tissues.

ImmuPharma issued the update given that the 45-day review period usually allocated by the FDA for such applications had passed with no feedback from the regulator.

The pharmaceutical company recently raised £6.5 million through an oversubscribed share placement that triggered a significant drop in its share price since the new shares were priced at a significant discount.

The firm promised to issue an update once it receives a response from the FDA.

Immupharma share price

Tradingview chart of ImmuPharma share price 11092020

Immupharma shares today fell 10% to trade at 12.15p having ended Thursday’s session trading at 13.50p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading