ImmunoGen, Inc. (IMGN) Down 8.5% After MS Says It Has ‘No Upside’
ImmunoGen, Inc. (NASDAQ:IMGN) stocks fell more than 8.5% in trading today, from a previous close of $13.12 to $12, after Morgan Stanley initiated coverage of the stock with an Underweight rating and a $10 price target, declaring that its key product, Kadcyla, has no upside.
“Kadcyla valuation implies a best case scenario, but adjuvant data isn’t until 2018. We also see limited potential for the proprietary pipeline given toxicity,” writes Morgan Stanley analyst Matthew Harrison.
Kadcyla worth $8/share, not $11.5 . . .
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