J.P. Morgan raises ImmunoGen's PT on ovarian cancer drug prospects

ImmunoGen

23/01/2023 12:05

** Brokerage J.P. Morgan raises price target on biotech co
ImmunoGen Inc  IMGN.O  to $9 from $8; maintains "neutral" rating
    ** Brokerage adjusted its model to reflect Q4 sales of
ovarian cancer drug Elahere, inclusion of the drug in the
National Comprehensive Cancer Network (NCCN) guideline, and co's
commercialization strategy to independently expand to EU 
    ** Earlier this month, co said it expected about $2.6 mln in
net sales in Q4 from Elahere vs Refinitiv analysts' avg. est. of
$2.56 mln 
    ** The drug got an accelerated approval from FDA in
November; Brokerage views the approval as a clear win for IMGN,
but predicts initial uptake to be slow
    ** The new guidelines for ovarian cancer treatment released
by NCCN in December, included IMGN's Elahere as a preferred
regimen     
    ** 9 of 12 brokerages rate the stock "buy" or higher, and 3
"hold"; their median PT is $12 - Refinitiv
    ** Stock has declined 15% in last 12 months
 (Reporting by Aditya Samal)
 ((Aditya.Samal@thomsonreuters.com;))