UPDATE: Credit Suisse Initiates Immunogen at Neutral on Valuation

Credit Suisse initiated coverage on Immunogen

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.