real-time news and commentary for investorsMarket Currents Wednesday, Sep 4
8:28 AMLeerink Swann initiates Immunogen at Outperform
Leerink starts Immunogen (IMGN) at Outperform."Clinical success and recent regulatory approval of Kadcyla positioned IMGN as the desired partner in the Antibody Drug Conjugate space," analyst Michael Schmidt says, adding that the company's standing has led to improved economics in its licensing deals."Since ADCs have become essential components of drug developers' pipelines," deal terms should only get more favorable for the company, Schmidt adds.Price target: $24
looks like IMGN is repeating the past patterns, large, rise followed by rapid and sharp decline, basing perios then another period of upward movement with higher highs and higher lows. Basing period appears to be over, IMGN is moving into the rise phase. Buy dips, or sell puts IMO, she's about to break out of the consolidation phase and range.