Market Overview

ImmunoGen Higher After Announcing Strategic Collaboration With Jazz Pharma

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ImmunoGen, Inc. (NASDAQ: IMGN) shares are trading higher by $1.15, or 17 percent, at $7.61 in Tuesday's session.

Before the open, the company announced a strategic collaboration and options agreement with Jazz Pharmaceuticals (NASDAQ: JAZZ) to develop and commercialize antibody-drug conjugate products. Jazz shares are not acting as favorably to the news as the stock is lower by 63 cents at $145.46.

After a higher open, ImmunoGen had only a 4-cent retreat to $6.87 before continuing its move higher. It has moved well into the $7.00 handle as $7.70 stands as the high for the session as of 1:55 p.m. EST. If the rally continues, it will have to contend with a pair of highs from July 7 ($7.88) and July 10 ($7.87) as well as its July 6 high ($8.04).

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