Morgan Joseph Initiates Immunogenic (IMGN) with a Buy
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Morgan Joseph initiates coverage on Immunogenic (NASDAQ: IMGN) with a Buy rating and a $7 price target.
The Buy rating is based upon: next-generation antibody technology, good near-term prospects for T-DM1, strong collaborations, and a strong pipeline, with little expectation.
The firm said, "Later this year, we expect positive developments from T-DM1, ImmunoGen's lead pipeline candidate partnered with Genentech. The response rates seen with T-DM1 in a Phase I trial were far superior to those seen with Tykerb in patients that had progressed on Herceptin therapy. Based on Genentech's recent activity on the T-DM1 program, we are even more optimistic about interim Phase II results expected in September. We believe Genentech could make a decision on moving T-DM1 into pivotal trials soon."
Morgan Joseph also highlighted that IMGN has two unpartnered drugs in Phase II studies, IMGN242 and IMGN901, which are targeted toward gastric cancer and small cell lung cancer. The company also has 8 Phase I programs. Therefore, any positive data from the compounds should create upside to the firm’s and the Street’s expectations, in Morgan Joseph’s view.
ImmunoGen, Inc. develops therapeutics for the treatment of cancer.
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