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Fly News Breaks for November 16, 2015
CLVS, IMGN
Nov 16, 2015 | 12:21 EDT
RBC Capital analyst Simos Simeonidis attributes today's weakness in shares of ImmunoGen (IMGN) to some investors are drawing a parallel between ImmunoGen's mirvetuximab soravtansine and Clovis' (CLVS) rociletinib. However, Simeonidis points out that ImmunoGen's drug deals with a different disease setting and won't be facing an entrenched competitor the way Clovis must. The analyst, who thinks the selloff in ImmunoGen is unwarranted and would be buying shares amid the weakness, keep an Outperform rating and $19 price target on the stock.
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