UPDATE: Oppenheimer Downgrades ImmunoGen to Perform on Valuation

Oppenheimer downgraded ImmunoGen

from Outperform to Perform and maintained a $14.00 price target. Oppenheimer noted, "We are downgrading IMGN to Perform from Outperform and maintaining our $14 price target, as we believe the success of T-DM1 is now fully priced into the stock. We are warming to IMGN901 and will watch the NORTH study as it will likely be the next driver of IMGN that could move us off the sidelines. A NORTH update is expected 2H13. With the launch of T-DM1, as with any drug launch, initial Street expectations may be adjusted. A post-launch pullback in IMGN into low teens may also cause us to revisit our rating." ImmunoGen closed at $15.04 on Friday.