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IMGN

ImmunoGen

$1.95

0.14 (7.73%)

06:41
06/27/19
06/27
06:41
06/27/19
06:41

ImmunoGen to prioritize development of four drug candidates

ImmunoGen completed an in-depth operational review based on which the company will prioritize continued development of mirvetuximab and a select portfolio of three earlier-stage product candidates targeting solid tumors and hematological malignancies. The company will end the current quarter with approximately $240M on its balance sheet and expects this cash, together with expense reductions resulting from operational changes and anticipated cash receipts from partners, will fund operations through the release of top-line results from the upcoming mirvetuximab Phase 3 study in platinum-resistant ovarian cancer, which are expected in 1H22. The operational review commenced following the announcement that ImmunoGen's Phase 3 clinical trial evaluating mirvetuximab compared to chemotherapy in women with folate receptor alpha-positive, platinum-resistant ovarian cancer, did not meet the primary endpoint. Following consultation with the FDA, the company will pursue a new Phase 3 study in this patient population. ImmunoGen has established three strategic priorities for the business: execute a registration study for mirvetuximab in platinum-resistant ovarian cancer; advance a select portfolio of earlier-stage product candidates; and further strengthen its balance sheet through partnering. ImmunoGen will focus on initating the registration study for mirvetuximab by the end of this year; complete enrollment and continue follow up in the ongoing FORWARD II mirvetuximab combination cohorts; continue IMGN632 development in hematologic malignancies in collaboration with Jazz Pharmaceuticals; advance two additional assets - IMGC936, which is in co-development with MacroGenics with an IND expected by the end of 2019; and the company's next generation anti-FRalpha ADC, which is expected to enter development in mid-2020; and monetize its remaining portfolio and platform technologies through out-licensing transactions or asset sales. The company will also reduce ongoing expenses.

IMGN ImmunoGen
$1.95

0.14 (7.73%)

05/15/19
HCWC
05/15/19
NO CHANGE
Target $4
HCWC
Buy
H.C. Wainwright says 'wrong again' about ImmunoGen, lowers price target to $4
H.C. Wainwright analyst Debjit Chattopadhyay said he had "misplaced optimism" about the path forward for ImmunoGen's mirvetuximab and admits to having been "wrong again" about the stock after the company disclosed that the FDA has recommended a new Phase 3 randomized trial to evaluate the safety and efficacy of mirvetuximab soravtansine in patients with high folate receptor alpha-positive, platinum-resistant ovarian cancer. The analyst believes the subsequent study, likely to be initiated during Q4, will likely mimic the FORWARD I Phase 3 program, but focus primarily on high FRalpha expressing patients. He "conservatively" assumes about 36 months from trial start to finish and now thinks potential commercialization won't come until the beginning of 2023. Chattopadhyay lowered his price target on ImmunoGen shares to $4 from $7 but keeps a Buy rating on the stock, which is down 31% to $2.19 in early trading.
05/15/19
GUGG
05/15/19
DOWNGRADE
GUGG
Neutral
ImmunoGen downgraded to Neutral from Buy at Guggenheim
05/06/19
05/06/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Sinclair Broadcast (SBGI) upgraded to Buy from Neutral at B. Riley FBR with analyst Barton Crockett saying yhe company's deal to acquire 21 regional sports networks from Disney (DIS) at valuation of $10.6B "looks like a home-run". 2. ImmunoGen (IMGN) upgraded to Buy from Neutral at H.C. Wainwright with analyst Debjit Chattopadhyay seeing 40% downside risk to the stock if the FDA does not consider mirvetuximab to be a clinically meaningful addition to the armametum against ovarian cancer versus a 145% upside potential. 3. Dish (DISH) upgraded to Neutral from Underperform at Credit Suisse with analyst Douglas Mitchelson saying he finds that risk/reward and potential catalysts across wireless and Pay TV are now in balance. 4. Post Holdings (POST) upgraded to Buy from Neutral at Goldman Sachs with analyst Jason English stating he views the recent pullback as a buying opportunity as he thinks transient headwinds were the reason results missed investor expectations in Q2. 5. Dentsply Sirona (XRAY) upgraded to Outperform from Market Perform at Barrington with analyst Michael Petusky saying the company's turnaround is "now on a firm, provable footing". This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/06/19
COWN
05/06/19
UPGRADE
COWN
Outperform
ImmunoGen upgraded to Outperform from Market Perform at Cowen
Cowen analyst Boris Peaker upgraded ImmunoGen to Outperform from Market Perform, saying the company noted on its Q1 earnings conference call that all secondary endpoints continued to trend positively in FRa high patients from the FORWARD I trial. Peaker tells investors in a research note that he sees additional clarity in the second half of the year after the company meets with the FDA, and says he believes shares are undervalued. If approved, Peaker says he believes that ImmunoGen's drug could acheive peak sales of ~1.6B per year.

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