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Immunogen target upped by Leerink

June 20, 2017

Leerink Partners analyst, Michael Schmidt, reiterated his Outperform rating on shares of Immunogen Inc. (NASDAQ: IMGN) and raised his price target to $11 from $8 to account for the recent divestiture of non-core antibody-drug conjugate (ADC) legacy assets. The analyst believes IMGN now has a cash runway through 3Q18, not accounting for additional BD opportunities.

The new PT is based on a lower cost of capital which reduces his WACC assumption to 12% from 15% previously. This reflects a more appropriate risk premium for IMGN which is in line with other late development-stage Biotech companies under coverage.


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