The following message was updated on 12/4/2021 11:02:57 AM.
Piper Comments Post Soryaya Results
Interesting comments and outlook as he was the guy that said last fall IMGN was an acquisition target. Maybe he's working for a potential acquirer.
Piper says outlook on ImmunoGen's mirve opportunity 'largely unchanged' After ImmunoGen announced that mirvetuximab's SORAYA trial met its primary endpoint with an overall response rate, or ORR, of 32.4% and immature median duration of response, or mDOR, of 5.9 months, Piper Sandler analyst Joseph Catanzaro said the ORR came in ahead of where he thinks expectations were but that DOR was "perhaps at the low end of expectations" with an opportunity to improve with follow-up. Though Catanzaro said he "perhaps missed out on today's upside with an ORR just ahead of expectations and misreading sentiment," he said the outlook on mirvetuximab's clinical profile and opportunity remains "largely unchanged." He keeps a Neutral rating with a $6.50 price target on ImmunoGen shares, which are up $1.33, or 28%, to $6.08 in afternoon trading.
Comments from last fall.
Piper Sandler analysts highlighted what they believe are the next potential buyout targets in oncology following Gilead's (GILD) $21B purchase of Immunomedics (IMMU). Demand for high quality oncology assets remains high, says Piper, who notes the list covers companies with assets "that are both largely de-risked and target high value indications." The list includes Allogene Therapeutics (ALLO), ALX Oncology (ALXO), Aptose Biosciences (APTO), Blueprint Medicines (BPMC), Clovis (CLVS), Deciphera (DCPH), Fate Therapeutics (FATE), IGM Biosciences (IGMS), ImmunoGen (IMGN), Incyte (INCY), Iovance Biotherapeutics (IOVA), iTeos Therapeutics (ITOS), Kura Oncology (KURA), Mirati Therapeutics (MRTX), Seattle Genetics (SGEN), Sutro Biopharma (STRO), Syros Pharmaceuticals (SYRS), TCR2 Therapeutics (TCRR) and Xencor (XNCR).
RBC recent comments
RBC Capital analyst Kennen MacKay raised the firm's price target on ImmunoGen to $9 from $8 and keeps an Outperform rating on the shares. Following mirvetuximab's positive top-line SORAYA data, the analyst increased the drug's probability of success to 85% from 65%. The pivotal topline readout to presented a strong case to support a submission for FRalpha-high platinum-resistant ovarian cancer, MacKay tells investors in a research note.