Cantor Fitzgerald Downgrades Immunogen Inc. (IMGN) to Hold

Cantor Fitzgerald downgraded Immunogen Inc. (NASDAQ: IMGN) from Buy to Hold with a price target of $21.00 (from $12.00) on valuation.

Analyst Mara Goldstein commented, "We are downgrading ImmunoGen shares to HOLD from BUY, and raising our PT to $21 from $12. Our PT raise reflects greater value for IMGN853, about to enter Phase II, and the remainder of the pipeline. However, we feel that these assets are fairly well represented in our new valuation, and while the shares still have room to advance, the upside is less than what we typically like to see for BUY-rated biotechs. We think there is incremental upside to be had from the pipeline, but major inflection points are not likely, in our view, before 2H:CY16."

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 $18.02 yesterday.

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