UPDATE: Immunogen Inc. (IMGN) Falls on New Sell Rating
Tweet Send to a FriendGet Alerts IMGN Hot Sheet
Price: $17.02 +4.48%
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 20 | Down: 41 | New: 13
Rating Summary:
5 Buy, 6 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 20 | Down: 41 | New: 13
Trade IMGN Now!
(Updated - September 27, 2012 11:56 AM EDT)
Shares of Immunogen Inc. (NASDAQ: IMGN) are under pressure Thursday after UBS initiated coverage with a dreaded "Sell" rating and slapped a $10 price target on the name, which suggests 37 percent downside from Wednesday's close.
While Immunogen has itself a great drug, valuation can't keep up, the firm said.
"While we believe T-DM1, ImmunoGen's antibody drug conjugate of Herceptin with partner Roche is a sig. step forward in the treatment of HER2+ breast cancer, we believe the Street is overestimating the peak and time-to-peak for T-DM1 sales," analyst Matthew Harrison states. "Based on our survey, we see little off-label Rxs into the adjuvant setting (~70-80% of revs) until 2018 when Roche has data. Further, without significant adjuvant sales until 2018, the stock is implying >60% average penet ration for T-DM1 over the 12 year royalty term versus our modeled ~20% average penetration."
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. are down 4.8 percent to $15.03.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Shares of Immunogen Inc. (NASDAQ: IMGN) are under pressure Thursday after UBS initiated coverage with a dreaded "Sell" rating and slapped a $10 price target on the name, which suggests 37 percent downside from Wednesday's close.
While Immunogen has itself a great drug, valuation can't keep up, the firm said.
"While we believe T-DM1, ImmunoGen's antibody drug conjugate of Herceptin with partner Roche is a sig. step forward in the treatment of HER2+ breast cancer, we believe the Street is overestimating the peak and time-to-peak for T-DM1 sales," analyst Matthew Harrison states. "Based on our survey, we see little off-label Rxs into the adjuvant setting (~70-80% of revs) until 2018 when Roche has data. Further, without significant adjuvant sales until 2018, the stock is implying >60% average penet ration for T-DM1 over the 12 year royalty term versus our modeled ~20% average penetration."
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. are down 4.8 percent to $15.03.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: BTIG Starts ING U.S (VOYA) at Buy, Shares 'Significantly Undervalued'
- WallachBeth Capital Starts NuVasive (NUVA) at Buy
- Barclays Starts Verizon Communications (VZ) at Overweight
Create E-mail Alert Related Categories
Hot New Coverage, New CoverageRelated Entities
UBS
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
