UPDATE: Credit Suisse Initiates Immunogen at Neutral on Valuation
Credit Suisse initiated coverage on Immunogen (NASDAQ: IMGN) with a Neutral rating and a $12 price target.
Credit Suisse noted, "We like IMGN for its expected steady cash flow from T-DM1 royalties, its antibody-drug conjugation (ADC) technology, and potential upside from a deep pipeline. However, upside to valuation requires additional drivers for which visibility is currently low."
Immunogen closed at $11.65 on Monday.
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