Here's How Our Readers Gained 122% On ImmunoGen Inc (NASDAQ:IMGN)

Our competitors over at Motley fool and Zack's regularly publish this sort of piece, or this type of coverage, explaining the driver behind a recent notable move in the biotechnology space. These are great pieces for a certain portion of the population, but for anybody who actually wants to profit from these sorts of moves, they are useless.We recognize this here at Insider Financial and, in order to accommodate the latter group of people, the active traders in the space, we focus our attention on this sort of coverage.For those that don't want to click on the above link, it is a piece published back at the start of March 2017 highlighting ImmunoGen Inc (NASDAQ:IMGN) as a company to keep an eye on near term, titled "ImmunoGen Inc Could Run Between Now And Q3". At the time of our coverage, the company in question went for $3.37 a piece. At last close, Thursday, this had risen to $7.48 a share – a 122% appreciation across the period.To our readers that picked up an exposure on the back of our highlighting of this one – nice work.The question now is, what's next?The answer is relatively simple – more of the same.Back in March, we based our thesis on the potential for a host of data releases hitting press detailing the progress of the company's lead development asset, an ovarian cancer drug called mirvetuximab soravtansine, along its pathway towards commercialization in the US.For those new to the asset, ImmunoGen is trying to get the drug approved in an indication of platinum-resistant ovarian cancer and, in line with this attempt, is putting the drug through its paces as part of a phase 3 investigation in said population. The trial, however, isn't set to complete until 2020, and – as we noted last time – we think this has helped the stock to remain under the radar, at least to a certain degree, up until now.Even though we won't get a phase 3 readout until the end of the decade, we pointed out that a spate of trials running in parallel to the phase 3 (early-stage trials, phase 1 and phase 2) investigating the same asset in combination with a number of already approved standard of care treatments in the space were set to read out near term. In turn, we suggested that the outcome of these trials would offer up some degree of insight into how the phase 3 is likely to turn out and that markets would jump on this insight as indicative of outcome as and when the data hit press.We got two of these data readouts at ASCO back in June – one phase 1 study and one phase 2 study – and both looked extremely promising. We should see another couple of readouts across the next few months and, if they fall in line with the data we saw from ASCO, they will compound the action we have already seen and push the stock higher heading into the latter half of 2017.We also got word of development in a collaboration deal during the second quarter, one that was already in place with Sanofi SA (ADR) (NYSE:SNY) and that has been reworked, As a result of the reworking, the collaboration has added $30 million to ImmunoGen's balance sheet, negating any near-term dilution potential.Additionally, the company put out data from a deeper pipeline investigation of a drug called IMGN779 in a target indication of acute myeloid leukemia (AML) towards the end of last month. While this is a secondary program, it also served to compound the positive sentiment surrounding the company and gives markets something to fall back on (and by proxy, serves to mitigate some degree of risk) if the ovarian cancer program falls short of expectations.Catch up on our previous coverage of this one here.We will be updating our subscribers as soon as we know more. For the latest updates on IMGN, sign up below!Image courtesy of Ed Uthman via FlickrDisclosure: We have no position in IMGN and have not been compensated for this article.