imo...high expectations leading up to the CC ( rumors of buy out, more IMGN 853 data etc.) deflated by no real news and downgrade more likely to have played a part. Who knows? GLTY.
BTW.. you point to a sick market dragging PPS down...by that logic the increase in PPS would be merely a reflection of a healthy biotech sector in general.
You're correct about me adding. PPS down because of market sickness in general, plus no news expected until Q4.
I am sure you and thousands of others like you are loading up right now..What I don't understand is why the PPS doesn't reflect that.
Does not make sense to me that PT is 21, pps was at 17, yet it is hold instead of buy.
Or to sell some of their shares. Only ~12,000 insider shares sold.
management also evasive during the CC when asked about how 4 of the PRs were unconfirmed..almost 8 weeks since ASCO and still no response on whether the 4 unconfirmed PRs were confirmed eventually.. all that was needed was somebody reading 4 scans..
probably just rushed into ASCO with partial data to create a splash
Cantor Fitzgerald downgraded Immunogen Inc. (NASDAQ: IMGN) from Buy to Hold with a price target of $21.00 (from $12.00) on valuation.
Analyst Mara Goldstein commented, "We are downgrading ImmunoGen shares to HOLD from BUY, and raising our PT to $21 from $12. Our PT raise reflects greater value for IMGN853, about to enter Phase II, and the remainder of the pipeline. However, we feel that these assets are fairly well represented in our new valuation, and while the shares still have room to advance, the upside is less than what we typically like to see for BUY-rated biotechs. We think there is incremental upside to be had from the pipeline, but major inflection points are not likely, in our view, before 2H:CY16."
The dry, crumbling, decomposed skull of Snowball, the dead mutt of the LarryMaccer, one of the biggest SQUEEEEEEALERS of all time do be showin' more life over the last 25 years than this piggerpig.
It's a clinical stage pharma company, earnings misses do not matter. It's all about progression of the clinical trials, Bro.
Sentiment: Strong Buy
probably some shorts covered is all..short interest still remains more than 10% of float..will probably be around 12-13 in 2-3 months