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Fly News Breaks for May 24, 2017
IMGN
May 24, 2017 | 07:45 EDT
Leerink analyst Michael Schmidt believes ImmunoGen's divestiture of IMGN529 removes a near-term financing overhang. The sale to Swiss Biotech Debiopharm bolsters ImmunoGen's balance sheet and extends its cash runway into the second half of 2018, Schmidt tells investors in a research note. He believes the company is "significantly undervalued based on the huge potential of Phase III lead asset mirvetuximab in ovarian cancer alone." The analyst keeps an Outperform rating on ImmunoGen.
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