Immunogen Looking Healthy After Favorable Report On IMGN853

em>Joel Elconin is the co-host of

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Immunogen Inc.

shares are trading sharply higher by $5.92 at $14.90 in Monday's session. The catalyst for the rally to a new 52 week high is a report that at IMGN853 demonstrated notable single agent activity for patients with platinum-resistant ovarian cancer. The issue, which labored at the $9 level last week, opened $2.50 higher ($11.48 open and $11.45 low) and never looked back. So far, its has reached $15.09 in today's session. That marks the highest level for the issue since it peaked at $15.59 in April 2014. Wall Street analyst are adding fuel to the fire as two firms have come forth with positive comments on the issue. Canaccord Genuity analyst John Newman, reiterated his Buy rating and raised the price target from $15 to $20. His price target coincides with all time high in the issue made in August 2013 at $20.25. Also, Morgan Stanley upgraded the issue from Underweight to Equal-weight. For the year, the issue is far outperforming the broad market as it has gained nearly 150 per versus the S&P 500's gain of 2.5 percent.