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Immutep (ASX:IMM), a cancer immunotherapy developer, collapsed after a pivotal trial failure. In March 2026, Pengana Capital Group reported Immutep failed a futility analysis in its Phase 3 lung cancer trial, an unexpected result that caused an 85% share price fall. Cyan, Perennial, Renaissance and Quest also cited the collapse, with Renaissance noting most of the company's value was attributed to the trial, and Quest describing it as a shock that hurt fund performance. Immutep operates in the Healthcare sector within the Biotechnology industry, and Thesis Tracker has captured 14 comments from 5 fund managers, including Pengana, Cyan, Perennial, Renaissance and Quest. Founded in 1987 and headquartered in Sydney, Immutep develops LAG-3 immunotherapy products for cancer and autoimmune diseases, led by eftilagimod alpha, which was being tested in combination with checkpoint inhibitors for first-line non-small cell lung cancer, along with partnered programs with larger pharmaceutical companies and earlier-stage candidates.
Company figures as of 15 Oct 2026. For information only.
Fund managers including Pengana Capital Group, Perennial Partners, Cyan Investment Management, Renaissance Asset Management and Quest Asset Partners have invested in Immutep Ltd (ASX:IMM).
The available commentary focuses on the trial failure, though Immutep retains other clinical programs and partnerships that may provide residual value.
Managers highlight the failed Phase 3 futility analysis for eftilagimod alpha in lung cancer, which wiped out most of the company's value and caused an 85% to 88% share price fall.
Immutep Ltd. (founded 1987) is a clinical-stage biotechnology company headquartered in Sydney, Australia. The firm specializes in developing LAG-3 immunotherapeutic products for treating cancer and autoimmune diseases. Its core clinical pipeline features four key assets: eftilagimod alfa (IMP321), IMP761, leramilimab (IMP701), and GSK‘781 (IMP731). Immutep focuses on advancing these LAG-3 related therapies through clinical trials to address unmet medical needs in oncology and immunology.
General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.
11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.