UPDATE: Jefferies Reiterates Buy Rating, Raises PT on ImmunoGen on Kadcyla Approval
10:35a ET February 25, 2013 (Benzinga) In a report published Monday, Jefferies reiterated its Buy rating on ImmunoGen (NASDAQ: IMGN), and raised its price target from $17.00 to $21.00.
Jefferies noted, “IMGN and partner Roche announced that Kadcyla (T-DM1) has been approved and priced at $9,800 per month. Kadcyla pricing is 33% higher than we had expected, and as a result, we are raising our IMGN PT from $17 to $21.”
I have to say, I was not a big fan of Thomas when he was against ARNA, but he was right the first time ARNA was rejected, then later he came around on them, long story short, I am warming up to him as an analyst, he's actually pretty good and I rarely say that. Maybe IMGN will make another run at $15 today.
Just be glad you don't own AFFY today...a reminder the risk of biotech is substantial. I owned it from about $5-6 and sold at $13-15 and watched it go into the $20's. Had been thinking it was becoming a good value again lately, but was afraid of the falling knife chart pattern.