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ImmunoGen Reveals Topline Results from SORAYA Trial; Shares Jump
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ImmunoGen Reveals Topline Results from SORAYA Trial; Shares Jump

ImmunoGen Inc. (IMGN) has revealed topline results from the pivotal SORAYA trial. Following the results, shares of the biotechnology company jumped 29.9% on Tuesday to close at $6.17. 

The SORAYA trial was designed to evaluate the safety and efficacy of mirvetuximab soravtansine (mirvetuximab) monotherapy in patients with folate receptor alpha (FRα)-high platinum-resistant ovarian cancer who have been previously treated with Avastin (bevacizumab). The data demonstrated that Mirvetuximab has a well-tolerated profile. (See ImmunoGen stock charts on TipRanks) 

Pipeline Updates 

The CEO of ImmunoGen, Mark Enyedy, said, “We are moving forward expeditiously to complete the BLA for mirvetuximab, with the goal of submitting the application to FDA for accelerated approval in the first quarter of 2022. In parallel, commercial preparations are well underway to support the potential launch of mirvetuximab next year.” 

“Beyond SORAYA, we expect to generate top-line data from our confirmatory MIRASOL trial in the third quarter of 2022 to support the potential full approval of mirvetuximab. We are also working to expand mirvetuximab monotherapy into later-line platinum-sensitive disease and, as part of our efforts to establish mirvetuximab as the combination agent of choice, evaluating mirvetuximab doublets in earlier lines of treatment, all with the goal of furthering our mission to offer more patients more good days,” Enyedy added. 

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Wall Street’s Take 

Following the recent clinical update, RBC Capital analyst Kennen MacKay reiterated a Buy rating on the stock and increased the price target to $9 (45.87% upside potential) from $8. 

MacKay increased the drug’s probability of success to 85% from 65%. 

The rest of the Street is cautiously optimistic about ImmunoGen and has a Moderate Buy consensus rating based on 4 Buys and 2 Holds. The average ImmunoGen price target of $9.30 implies 50.73% upside potential to current levels. Shares have increased 10% over the past year. 

Risk Analysis 

According to the new TipRanks’ Risk Factors tool, ImmunoGen stock is at risk mainly from three factors: Production, Legal & Authority, and Tech and Innovation, which contribute 27%, 24%, and 21%, respectively, to the total 33 risks identified for the stock.

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