IMGN - ImmunoGen crosses $2B market cap as Piper upgrades on Elahere data
2023-05-03 12:10:19 ET
ImmunoGen ( NASDAQ: IMGN ) added ~125% on Wednesday to exceed the $2B market cap as Piper Sandler upgraded the stock citing the positive data the biotech announced in the pre-market for its ovarian cancer drug Elahere from a confirmatory Phase 3 trial.
The topline data from the trial named MIRASOL demonstrated that the antibody-drug conjugate caused a 33% reduction in mortality risk compared to IC chemotherapy leading to statistically significant and clinically meaningful improvement in overall survival (OS).
"With a clear OS benefit, every other efficacy endpoint becomes irrelevant," Piper Sandler analyst Joseph Catanzaro wrote, referring to the gold standard of measuring the clinical benefits of a cancer drug.
According to the analyst, questions over Elahere's benefit in Progression-Free Survival (PFS) becomes irrelevant with a clear OS advantage like this.
Piper Sandler upgraded the stock to Overweight from Neutral and more than doubled its price target to $16 from $6 per share. The firm attributes the decision to lower the discount rate for IMGN and raise sales estimates for Elahere.
More on ImmunoGen
- Mersana jumps 18% on rival ImmunoGen's ovarian cancer treatment sales
- ImmunoGen surges 22% on Q1 earnings beat
- ImmunoGen Needs To Make The Most Of Its First-Mover Opportunity
For further details see:
ImmunoGen crosses $2B market cap as Piper upgrades on Elahere data