Oppenheimer Assigns Perform On ImmunoGen Following F1Q15 Results

In a research note published Monday, Oppenheimer analyst Christopher Marai assigned a Perform rating on ImmunoGen (NASDAQ:IMGN), No price target was provided.

Marai commented: “ImmunoGen reported 1Q15 results, ending the quarter with $122M in cash. We anticipate IMGN will end its fiscal year with $83M in cash ($75-85M guidance). Management reiterated prior fiscal 2015 guidance, expecting revenues of $100-105M and $160-165M in opex. 1Q revs missed our ests on anticipated lumpy milestone payments; we now est these payments to accrue later in the fiscal year. We updated our model for reported Q, with revs and expenses to increase substantially into FYE15 as wholly-owned programs move forward in the clinic.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Christopher Marai has a total average return of 8.6% and a 50.0% success rate. Marai is ranked #861 out of 3347 analysts.

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