UPDATE: Canaccord Genuity Initiates Coverage on ImmunoGen Ahead of Phase 3 Data

In a report published Wednesday, Canaccord Genuity analyst John Newman initiated coverage on ImmunoGen IMGN with a Buy rating and $20.00 price target. In the report, Canaccord Genuity noted, “We are initiating coverage of ImmunoGen with a BUY rating and $20 price target. We expect positive Phase 3 data for Kadcyla in HER2+ metastatic breast cancer, which could eliminate the need for chemotherapy in this setting. Kadcyla targets a >$7B market opportunity long term, with royalties to ImmunoGen. ImmunoGen is also advancing its wholly-owned products.” ImmunoGen closed on Tuesday at $12.80.