ImmunoGen hits near 5-yr high on positive data from ovarian cancer drug

ImmunoGen

03/05/2023 15:18

(Updates to add milestone, analyst comment)
    ** Shares of drug developer ImmunoGen Inc  IMGN.O  more than
double to $12.43 - a peak since June 2018 
    ** Co says its experimental drug to treat a type of ovarian
cancer helped extend the lives of patients in a late-stage trial
    ** The drug candidate, Elahere, also significantly prolonged
the time that a patient lives with the disease without it
getting worse - IMGN
    ** The U.S. Food and Drug Administration had earlier given
accelerated approval for Elahere in the same indication - IMGN
    ** Co plans to submit a marketing application in Europe and
a supplemental application in the U.S. for the conversion to a
regular approval in H2 this year
    ** Truist Securities raises PT on IMGN to $15 from $11, says
data was a "home run"
        ** Brokerage believes data should remove any doubts that
Elahere will get confirmatory approval by the U.S. FDA
  
    ** The drug comes with a boxed warning of ocular toxicities,
including visual impairment, dry eye and eye pain - IMGN
    ** Up to last close, stock had risen ~5% this year

 (Reporting by Mariam Sunny and Bhanvi Satija in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))