Both companies are leaders in a very productive field, both will be LT winners. My impression was IMGN looks like the better value over the next 12 months. SGEN may have to grow into their valuation/consolidate.
Dan did a nice job, was more factual, less hyperbolic, actually sounded better than the SGEN in terms of his presentation. If I had a large gain in SGEN and wanted to take advantage of the cap gains tax law changes, I might sell some SGEN and move to IMGN and then start switching some back over time as the valuation and price gap narrows.
SGEN is a tremendous LT company and could be the next REGN/CELG over time 2-3 years. IMGN has the same potential if just one, or more of the fully-owned programs is successful.
Time to be patient and hold this. As long as management is responsible and agrees to stop making value destroying decisions we will have a truce.