Leerink analyst Michael Schmidt said ImmunoGen's (IMGN) collaboration with Jazz Pharmaceuticals (JAZZ) is a positive as it provides $75M cash upfront payment and $100M in research support, removing a significant near-term financial overhang and extends the cash runway into 2019 for the company. ImmunoGen also retained significant economic rights to IMGN779 and IMGN632 and participates in the upside of these programs while partnering with one of the best-possible partners in Jazz, the firm's analyst wrote in a report to clients. Schmidt raised ImmunoGen's price target to $18 from $11 and reiterated his Outperform rating on shares.