Immunogen (IMGN) Remains Neutral Rated at UBS

UBS maintained a Neutral rating on Immunogen Inc. (NASDAQ: IMGN) with a modified price target of $11.00 (from $13.00). Comments follow Q4 results. Analyst Andrew Peters said he was still waiting to see data from ASCO.

"While FY2015 revenue guidance came in meaningfully above street forecasts, we view F4Q14 results as mostly in-line with expectations as the key value driver remains clinical data and not quarterly results. Data from key pipeline programs is now expected at ASCO 2015 which could prove to be a transformative conference for the company with IMGN853 in ovarian cancer the most advanced and IMGN289 the most promising. We have increased our OpEx assumptions to reflect FY2015 guidance, which drives our price target down modestly as our out-year cost assumptions now grow from a higher base. While we see potential upside into data next year, the lack of near-term value drivers continues to leave us on the sidelines and we maintain our Neutral rating."

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 $10.47 yesterday.

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