This is interesting | IMGN Message Board Posts

ImmunoGen, Inc.

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Msg  50061 of 50140  at  11/15/2019 4:37:40 PM  by

Bibliobiftek

The following message was updated on 11/15/2019 5:02:50 PM.

 In response to msg 50060 by  MRHIROLLER
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Re: This is interesting

That they have such a large long position seems reassuring, but what's unknown is the size of their short position in IMGN and its derivatives. Furthermore, even though 5.7% is a sizable part of the way to 10% of IMGN (after which they have the burden of filing additional paperwork on one of their myriad investments...), it constitutes just a stub position of only some $25 mm compared to their > $1.5B position in BMY which is 60x bigger.
 
Still, adjusted for market cap IMGN is actually much more heavily weighted than BMY in their portfolio. I'm a bit biased from my own research, but I think it's more consistent with their algos for screening onco-biotechs picking this one up favorably as one of the better smallcap pre-clinical oncology bets under $1B perhaps due to their prior scientific success from which they have reaped only modest financial reward. IMGN does have solid randomized comparison data in its lead candidate, multiple other promising irons in the fire, and a solid cash position.
 
I also don't think they're doing this as a hedged short trade based purely on technicals or market momentum since any new, potentially negative trial results won't be for a while and unanticipated M&A could really bite them in the ass.


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Msg # Subject Author Recs Date Posted
50062 Re: This is interesting MRHIROLLER 0 11/16/2019 12:56:20 AM






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