ImmunoGen rallies on Q2 results beat

ImmunoGen

31/07/2023 12:11

** Shares of drugmaker ImmunoGen  IMGN.O  jump 6.3% to
$20.74 premarket following stronger-than-expected Q2 results
    ** IMGN posts Q2 total rev of $83.2 mln, driven by ovarian
cancer therapy Elahere's net sales, nearly double the
expectation of $48.35 mln - Refinitiv
    ** Posts Q2 net loss of 2 cents/share, narrower than est 14
cents/share - Refinitiv
    ** Updating its 2023 guidance, IMGN expects operating
expenses between $350 mln-$365 mln
    ** Co also announces departure of Senior Vice President and
Chief Medical Officer Anna Berkenblit
    ** Out of 12 analysts tracking stock, 4 rate "strong buy", 6
"buy" and 2 "hold"; median PT $22
    ** As of previous close, IMGN stock up nearly four-fold YTD
vs ~37 gain in Nasdaq Composite  .IXIC 

 (Reporting by Ankika Biswas in Bengaluru)