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Fly News Breaks for September 21, 2015
IMGN
Sep 21, 2015 | 07:28 EDT
As previously reported, Morgan Stanley downgraded ImmunoGen to Underweight from Equal Weight. Analyst Matthew Harrison sees the study design for key asset, IMGN 853, as high risk with lack of meaningful data until mid-2016. Harrison lowered his price target on shares to $9 based on moving out IMGN 853 to a 2019 launch from 2017, delaying peak sales by 2 years. The analyst believes consensus estimates remain too optimistic on the potential success of the upcoming Phase II study.
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