Although IMGN as a company has potential, the philosophy with managment is to treat IMGN as a ATM machine. Whenever IMGN stock goes up too much, on numerous occassions, management dilute the shares (by issuing more) to raise capital. When capital reserve is enough, management will cash in their options as quick as they can to get the cash out of IMGN as soon as it can. Insider ownership is virtually zero. Investors investing in IMGN is looking at its pipeline and its potential, however, this cannot be over shadowed by the fact that management have no intentions of increasing share holder's wealth. Regardless of IMGN revenue, managment will find a way to take the wealth out of IMGN. I suspect that IMGN management is basically packaging IMGN for a future takeover and giving themselves a golden parachute scenario when the time comes. In the mean time, management will take whatever they can out of IMGN. This is in contrast with PCYC where management have a big stake in it and pump the price at every given opportunity. Since IMGN management have no loyalty to its shareholders, I don't underestand why shareholder should have any loyalty to IMGN management by either voting them out or not invest in them at all.
The loss of IMGN901 does not impact the long term prospect of IMGN. IMGN continues to have a strong partnership with key pharma companies and Kadcyla sales (Joint venture with Roche) is going strong. I suspect 1st line indication for Kadcyla will soon be coming as Herceptin's patent expires. Looking at the history of IMGN trading price, in the $13's and $14's represents a steal. Accumulated more shares today and locked in on a few options for January.