There is a clear difference between the people who make their living providing ratings on companies and the people who decide if they should be throwing millions of dollars at a company stock.
On the one hand, an Analyst has to be conservative to improve his track record of not losing money for his clients.
On the other hand, an institutional investor has to weigh the risk reward of pipeline vs royalty income.
IMGN is clearly in a tug of war between the 2 types of people.
I think the amount of money an institution invests on companies like IMGN is a factor of 2 major issues.
1) the amount of capital they have to invest
2) diversification of their portfolio
Morgan stanley, Adam Fauerstein, et al...... will not substantially change the mind of the institutional investor.