Leerink Swann Starts Immunogen Inc. (IMGN) at Outperform

September 4, 2013 7:54 AM EDT Send to a Friend
Get Alerts IMGN Hot Sheet
Price: $7.89 +3.82%

Rating Summary:
    6 Buy, 8 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 12 | Down: 48 | New: 12
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Leerink Swann initiated coverage on Immunogen Inc. (NASDAQ: IMGN) with an Outperform rating and a price target of $24.00.

Analyst Michael Schmidt said, "We believe over the next 12-18 months IMGN shares will trade higher, driven by catalysts, as investors attribute more value to IMGN's platform and pipelines."

"Clinical success and recent regulatory approval of Kadcyla (trastuzumab-DM1) positioned IMGN as desired partner in the ADC space. Economics of IMGN’s ADC licensing deals have thus been improving significantly in recent years, and we believe terms of potential future partnerships will continue to improve since ADCs have become essential components of drug developers' pipelines," he added.

For an analyst ratings summary and ratings history on Immunogen Inc. click here. For more ratings news on Immunogen Inc. click here.

Shares of Immunogen Inc. closed at $16.34 yesterday.

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