ImmunoGen drops as H.C. Wainwright cuts PT

ImmunoGen

30/12/2022 14:07

** Cancer drug maker ImmunoGen Inc's shares  IMGN.O 
fall ~3% to $5 premarket as H.C. Wainwright cuts PT to $15 from
$20
  
    ** IMGN launched its drug Elahere to treat a type of ovarian
cancer, after U.S. FDA's accelerated approval last month 
    ** Brokerage resets revenue view for Elahere to late 4Q22 vs
its previous assumption for a full quarter of revenue from the
drug
    ** Lowers drug's peak market penetration to 30% vs earlier
expectation of 50%, and adjusts operational expense estimates
for 2023 and beyond
    ** Also, IMGN earlier this month entered into a clinical
collaboration to test its investigational acute myeloid leukemia
(AML) treatment in a new patient group, in combination with
Gilead Sciences Inc's  GILD.O  drug magrolimab 
    ** AML is a cancer associated with blood and bone marrow
    ** With the study expected to initiate in 2023, brokerage is
optimistic on IMGN drug's safety and efficacy data updated from
the ongoing early-to-mid-stage trial
    ** As of last close, IMGN down 30.5% YTD
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))