Truist initiates coverage of ImmunoGen with 'buy' rating, shares up

ImmunoGen

21/11/2022 19:20

** Shares of drug developer ImmunoGen Inc  IMGN.O  up 2.1%
at $5.33 after brokerage Truist Securities starts coverage with
"buy" rating
    ** Brokerage sets PT of $10 and sees full approval of its
ovarian cancer drug Elahere, which will 'unshackle' shares 
    ** IMGN late on Nov. 14 received accelerated approval from
U.S. FDA for its drug; however shares fell after initial gains
in morning trade on concern about a confirmatory trial of the
drug missing its primary goal, says brokerage
    ** Truist believes investors have also overlooked IMGN's
blood and bone marrow cancer drug pivekimab despite a big data
catalyst coming in Dec 
    ** 9 of 12 brokerages rate the stock "buy" or higher, 3
"hold"; their median PT is $12
    ** Despite session's gains, stock down ~28% YTD compared
with a ~10% decline in the Nasdaq Biotechnology index  .NBI 
 (Reporting by Sriparna Roy)
 ((Sriparna.roy@thomsonreuters.com))