UPDATE: Immunogen Inc. (IMGN) Falls on New Sell Rating
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Price: $31.25 --0%
Rating Summary:
5 Buy, 17 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
Rating Summary:
5 Buy, 17 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 20
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(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.
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.
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