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Wilkie’s Powerplay – Imugene soars 160%

Clinical stage immuno-oncology small cap Imugene (ASX:IMU), run by MD Leslie Chong, is Wilkie’s Power Pick of the week- it’s up more than 160% in the past five days.

IMU dropped a promising update on its phase 1 Metastatic Advanced Solid Tumours (MAST) clinical trial evaluating the safety and efficacy of novel cancer-killing virus CF33-hNIS (VAXINIA).

Wilkie says the heavily shorted IMU seems to be coming back with optimism in the sector and punters appear to be loving the stock.

“They did have some positive news but on very early signals out of a phase 1 solid tumour study, so good results, but very early,” he says.

“Volumes are right through the roof with Imugene and it’s not just a one-day run but had six or seven sustained days in the green.

“It’s quite heavily shorted but the volume going through and some of the size of the bids that are going through look more like legitimate buying.”