Immunogen confident in early Elahere launch, says Guggenheim

Guggenheim analyst Michael Schmidt notes that ImmunoGen (IMGN) remains highly confident in the early Elahere launch based on qualitative metrics, including broad uptake in the community, accelerated demand in early 2023 in already strong FRa testing, now shifting to newly diagnosed patients, strong access and increasing coverage. The firm also highlights that the confirmatory MIRASOL Phase III study will imminently reach the required number of PFS event to trigger the efficacy analysis, per ImmunoGen, and top-line results are now guided for Q2. Elahere label expansion activities in platinum-sensitive ovarian cancer remain on track, Guggenheime adds. Additionally, early pipeline developments remain on track with IMGC936 Phase I data guided for Q2 and pivekimab updates in AML by year-end 2023. ImmunoGen also announced a new license agreement with Vertex (VRTX). The firm keeps a Buy rating on the shares following Q4 results, with a price target of $22.