Streetbeat News

IMGN

Immunogen, Inc.

http://www.immunogen.com/

CEO

Mark Enyedy

Employees

373

Industry

Pharmaceutical Preparation Manufacturing

immunogen is a clinical-stage biotechnology company that develops targeted anticancer therapeutics with its proprietary antibody-drug conjugate (adc) technology. the company's lead product candidate, mirvetuximab soravtansine, is a potential treatment for folate receptor α-positive ovarian cancers and other solid tumors. leading healthcare companies have licensed rights to use immunogen's technology to develop novel anticancer therapies, and roche's marketed product, kadcyla, utilizes immunogen's adc technology. more information about the company can be found at www.immunogen.com.

Open

31.24

Mkt cap

8.7B

Volume

19M

High

31.25

P/E Ratio

-111.55

52-wk high

31.25

Low

31.22

Div yield

N/A

52-wk low

3.61

ImmunoGen announced that the 30-day waiting period required by the HSR Act for its merger with AbbVie expired without FTC action, expecting the transaction to close around February 12, 2024.

Portfolio Pulse from Charles Gross

February 08, 2024 | 12:12 pm

AbbVie Inc (NYSE:ABBV) reported a Q4 adjusted EPS of $2.79, down 22.5% Y/Y but above consensus. Q4 revenues were $14.301 billion, down 5.4% Y/Y, also beating expectations. The company saw mixed results in its drug portfolios, with significant declines in Humira sales but strong growth in Skyrizi and Rinvoq sales. AbbVie has made strategic acquisitions of ImmunoGen Inc (NASDAQ:IMGN) and Cerevel Therapeutics Holdings Inc (NASDAQ:CERE) to bolster its oncology and neuroscience portfolios, respectively. The company raised its long-term revenue outlook for several drugs and expects a high single-digit annual revenue growth rate through 2029. ABBV shares rose 1.44% to $170.01.

Portfolio Pulse from Vandana Singh

February 02, 2024 | 4:12 pm

ImmunoGen announced that the German Federal Cartel Office has unconditionally approved its merger with AbbVie Inc, as per a recent SEC filing. This regulatory approval is a significant step towards finalizing the merger between the two companies.

Portfolio Pulse from Benzinga Newsdesk

January 29, 2024 | 10:05 pm

William Blair has upgraded AbbVie Inc (NYSE:ABBV) from Market Perform to Outperform, citing confidence in the company's growth prospects into 2024 despite competitive pressures. AbbVie's growth is attributed to strong performance by Skyrizi and Rinvoq, strategic acquisitions of ImmunoGen Inc (NASDAQ:IMGN) and Cerevel Therapeutics Holdings Inc (NASDAQ:CERE), and the highest dividend yield among peers. AbbVie faces competition for Humira, Imbruvica, and Botox but is expected to sustain growth. Q4 2023 earnings are anticipated on February 2, with an expected EPS of $2.81 and sales of $14.03 billion.

Portfolio Pulse from Vandana Singh

January 29, 2024 | 7:04 pm

Jim Cramer discussed various healthcare and technology stocks on CNBC's 'Mad Money Lightning Round'. He recommended staying with Realty Income (O), called ImmunoGen (IMGN) a property of AbbVie (ABBV), and labeled GE HealthCare Technologies (GEHC) as 'ridiculously cheap'. He was not a buyer of Ramaco Resources (METC) and expressed uncertainty about Bitfarms (BITF) and TKO Group Holdings (TKO). Cramer was positive about Arm Holdings (ARMH) and neutral about Micron Technology (MU), but found Coherent Corp. (COHR) too expensive and is not a supporter of Teva Pharmaceutical (TEVA).

Portfolio Pulse from Avi Kapoor

January 08, 2024 | 1:53 pm

The Global Data report indicates a decrease in pharma sector M&A deals in Q3 2023 compared to Q2 2023, with a 28% drop in deal value and a 9% drop in deal volume. However, PricewaterhouseCoopers forecasts a positive outlook for 2024, expecting a return to pre-pandemic levels of M&A activity. Notable deals in 2023 include acquisitions by Pfizer, Bristol Myers Squibb, Merck, AbbVie, Biogen, and Astellas Pharma.

Portfolio Pulse from Vandana Singh

December 29, 2023 | 12:04 pm

Bristol Myers Squibb & Co (NYSE:BMY) has entered into an $8.4 billion deal with SystImmune for the exclusive license of BL-B01D1, a bispecific antibody-drug conjugate with potential in treating lung and breast cancer. The deal includes an $800 million upfront payment and up to $7.6 billion in additional payments. SystImmune retains responsibilities in Mainland China, while Bristol Myers will handle development and commercialization elsewhere. The move diversifies Bristol Myers' oncology portfolio, following recent ADC-related deals by the company and other pharma giants like AbbVie Inc (NYSE:ABBV) and Pfizer Inc (NYSE:PFE). BMY shares saw a slight decrease in premarket trading.

Portfolio Pulse from Vandana Singh

December 12, 2023 | 2:00 pm

AbbVie Inc (NYSE:ABBV) is set to acquire Cerevel Therapeutics Holdings Inc (NASDAQ:CERE) for $8.7 billion and ImmunoGen Inc (NASDAQ:IMGN) for $10.1 billion. The Cerevel acquisition, expected to close in mid-2024, will enhance AbbVie's neuroscience portfolio, including treatments for schizophrenia and Parkinson's disease. However, the deals may attract FTC scrutiny due to potential market dominance, particularly as AbbVie already has approved products in these areas. ABBV shares rose 1.06% following the news.

Portfolio Pulse from Vandana Singh

December 07, 2023 | 8:19 pm

The FDA has accepted ImmunoGen, Inc.'s supplemental Biologics License Application (sBLA) for ELAHERE for platinum-resistant ovarian cancer and granted it Priority Review status. The PDUFA action date is set for April 5, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 11:31 am

AbbVie Inc (ABBV) is set to acquire ImmunoGen, Inc. (IMGN) for approximately $10 billion, with the deal expected to close in mid-2024. The acquisition price of $31.26 per share is considered a 'great price' for ImmunoGen by Piper Sandler. Analyst Joseph Catanzaro downgraded ImmunoGen's rating from Overweight to Neutral and increased the price target from $24 to $31, reflecting the deal terms. The acquisition is timely for ImmunoGen as it faces future uncertainties regarding the Elahere launch. A competing bid is deemed unlikely by the analyst, who also notes that ImmunoGen's ADC platform will complement AbbVie's oncology franchise.

Portfolio Pulse from Priya Nigam

December 04, 2023 | 3:44 pm

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