Immunome Shares Spike 150% Higher On Coronavirus Antibody Discovery

Shares of micro-cap biopharma Immunome Inc IMNM are indicated to open Thursday's session sharply higher.

What Happened: Immunome, which focuses on developing antibody therapies, said its discovery engine has isolated potent antibodies capable of neutralizing several SARS-CoV-2 variants, including the South African Variant  B.1.351, in pseudovirus testing.

The company has an ongoing program to develop a cocktail of antibodies targeting spike and non-spike proteins that can prevent or treat COVID-19, the disease caused by SARS-CoV-2.

Immunome said it identified antibodies that bind to non-overlapping regions of the spike protein, including those regions containing the critical mutational variants. Some of these antibodies neutralize pseudoviruses expressing the spike protein of the South African Variant, the company said. 

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"Our findings underscore the power of Immunome's discovery engine to quickly identify antibodies that are broadly effective against SARS-CoV-2 and its variants. Of note, Immunome's discovery engine has identified antibodies that bind to conserved epitopes of SARS-CoV-1 and SARS-CoV-2 spike, as well as to other non-spike targets," CEO Purnanand Sarma said in a statement. 

Why It's Important: The positive development comes amid recent studies suggesting the South African Variant reduces the effectiveness of certain vaccines and antibody therapies.

Pfizer Inc.'s PFE vaccine, which is approved for emergency use against SARS-CoV-2, was reportedly found less effective against the mutant strain in South Africa.

IMNM Price Action: In premarket trading Thursday, Immunome shares were ripping higher by 166.97% to $59.32. 

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