ImmunoGen, Inc. (IMGN) Rises as Analyst Looks to Pipeline
8/23/2012 7:43:49 AM
ImmunoGen Inc. shares rose Wednesday after a Cowen & Co. analyst said the company has several other promising drug candidates in addition to its T-DM1 breast cancer treatment. THE SPARK: Analyst Simos Simeonidis began covering the stock with an "Outperform" rating. Simeonidis said he expects the Food and Drug Administration to approve T-DM1 in mid-2013, and forecasts strong sales of the drug as a secondary treatment for metastatic breast cancer and possibly as a primary treatment for the disease as well. He said the current price of ImmunoGen shares is mostly based expected royalties from T-DM1 and does not include the other cancer drugs ImmunoGen is developing.