ImmunoGen (IMGN) Lower Efficacy Raises Concerns - RBC

Simos Simeonidis noted that there were some positives in the Immunogen Inc. (NASDAQ: IMGN) ASCO abstract but he continues to be concerned about lower efficacy. No change to Sector Perform rating or $7 price target.

ImmunoGen issued a press release alongside the release of the ASCO abstracts. In it, the company provided updated information about the mirvetixumab poster to be presented at ASCO, including response rates (RR) and PFS based on both folate receptor alpha (FR-alpha) expression AND number of prior therapies.

The company reported RR based on FR-alpha expression levels, as they had in the past. Specifically, the ORR reported for 47 evaluable patients was 40% vs. 35% prior. The ORR in the high-expressing FR-alpha group was 48% (11/23) vs. 70% (7/10) prior. However, this 48% number, including all ORR numbers published in the abstract, apparently includes both confirmed and unconfirmed responses.

Upcoming Catalysts:

1) Start Phase II trial of IMGN529 + Rituxan in DLBCL, 1H16

2) Announce coltuximab combo regimen for Phase II study in DLBCL, 1H16

3) Mirvetuximab data presentation from Phase I ovarian cancer expansion cohort at ASCO, June 6, 2016

4) Begin enrollment for mirvetuximab + Keytruda arm of FORWARD II trial, 2H16

5) Meet with FDA to discuss mirvetuximab Phase III design, 3Q16

6) Initiate FORWARD I Phase III trial, 4Q16

7) Data from KRISTINE trial of Kadcyla in neoadjuvant HER2+ breast cancer, 2016

8) Initiate Phase II testing of coltuximab in DLBCL combo trial, 1H17

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 $5.50 yesterday.

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