Ovarian Cancer Player ImmunoGen Can Potentially Be Attractive M&A Target: JP Morgan
Portfolio Pulse from Vandana Singh
JP Morgan has upgraded ImmunoGen Inc (NASDAQ:IMGN) from Neutral to Overweight with a price target of $22, up from $9, based on a recent physician survey and assessment of IMGN's R&D portfolio. The survey indicated strong confidence in the growth trajectory of Elahere's launch in the U.S. ImmunoGen recently announced a pact with Takeda Pharmaceutical Company Limited (NYSE:TAK) to develop and commercialize Elahere in Japan. The analysts note that the company is well-positioned and potentially appealing as a target for mergers and acquisitions.
September 13, 2023 | 5:55 pm
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POSITIVE IMPACT
JP Morgan has upgraded ImmunoGen Inc (NASDAQ:IMGN) from Neutral to Overweight with a price target of $22, up from $9. The company is seen as a potential M&A target.
The upgrade from JP Morgan, along with the increased price target, indicates a positive outlook for ImmunoGen. The potential for M&A activity could also drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
ImmunoGen recently announced a pact with Takeda Pharmaceutical Company Limited (NYSE:TAK) to develop and commercialize Elahere in Japan.
The partnership with ImmunoGen to develop and commercialize Elahere in Japan could potentially increase Takeda's revenues and positively impact its stock price in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70