IMGN value is not just based on T-DM1 FDA approval expected on Feb 26th. The real value of IMGN is its TAP technology which allows an antibody to be linked with a chemo agent to deliver improved effective killing power without added side effects. A FDA approval of T-DM1 will validate IMGN TAP technology which will immediately add value to IMGN intrinsic value. Currently, IMGN has its own product in the pipeline and multple partnerships with numerous companies (Amgen, Novartis) to develop TAP based next generation chemos. Given that IMGN will be the first on the market, this effectively compromises SGEN future sales. Anyone who values IMGN just based off of T-DM1 is short sighted. After the FDA approval, I would expect IMGN to trade around $18-$22 and a possibe takeover since IMGN is sitting on alot of cash, a robust pipeline, and has the TAP technology which is the cornerstone of next generation chemos. My only concern based on historical action of IMGN management is a possible diltuion of IMGN stock as mangement issue more shres to reward themselves at shareholders' expense.
They have gone to the well too many times and it is unecessary since like you mentioned , they have plenty of cash. High time for management to award the Mutual funs, and individual shareholders for hanging in there. You are correct, this type of Chemo will be god send for the cancer patients awaiting it.
Excuse my poor english.