H.C. Wainwright analyst Debjit Chattopadhyay maintained a Buy rating on ImmunoGen (IMGN) today and set a price target of $18. The company’s shares opened today at $5.65, close to its 52-week low of $5.21.
Chattopadhyay noted:
“Our 12-month, $18 price target on shares of ImmunoGen is based on a 13-year DCF-driven, sum-of-the-parts analysis. Our DCF analysis is based on: beta of 1.75, terminal growth rate of 0.5%, risk premium of 4.93%, calculated WACC of 12.0%, and tax rate of 12% beginning in FY 2028. Note, our $18 price target is leveraged on the outcome of the mirvetuximab soravtansine’s Phase 3 FORWARD I study, which represents approximately 89% of our target (risk-adjusted NPV of $16 per share). Key risks to our valuation include: emergence of ADC-related safety concerns, clinical, regulatory, and financials risks. ImmunoGen, Inc.”
According to TipRanks.com, Chattopadhyay has 0 stars on 0-5 star ranking scale with an average return of -6.6% and a 36.8% success rate. Chattopadhyay covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Voyager Therapeutics Inc, and Mersana Therapeutics Inc.
ImmunoGen has an analyst consensus of Strong Buy, with a price target consensus of $17.33.
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Based on ImmunoGen’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $46.81 million. In comparison, last year the company had a GAAP net loss of $56.68 million.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IMGN in relation to earlier this year.
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ImmunoGen, Inc. is a biotechnology company, which engages in discovering and developing antibody-drug conjugate therapies that meaningfully improve the lives of people with cancer. Its product candidates include Mirvetuximab soravtansine, Coltuximab ravtansine, IMGN7779, and IMGN632. The company was founded in March 1981 and is headquartered in Waltham, MA.
