UPDATE: Jefferies Reiterates Buy Rating, Raises PT on ImmunoGen

In a report published Monday, Jefferies reiterated its Buy rating on ImmunoGen IMGN, and slightly raised its price target from $16.00 to $17.00. Jefferies noted, “On its F2Q13 call, IMGN highlighted progress on its earlier stage, internally developed programs including 901, 854, and 529, all of which are upside to our valuation, which is based predominantly on royalties on T-DM1 for breast cancer. We remain optimistic about T-DM1 prospects going into the February FDA approval date.” ImmunoGen closed on Friday at $15.04.