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/share: Morgan Stanley The biggest factor behind ImmunoGen, Inc. (NASDAQ:IMGN)’s stock price is Kadcyla, an antibody drug conjugate (ADC) meant to…