Truist downgraded ImmunoGen (IMGN) to Hold from Buy with a price target of $31, up from $24, after the company announced AbbVie (ABBV) is acquiring the company for a 95% premium to yesterday’s close. This is an attractive deal for ImmunoGen shareholders and the firm believes the deal will go through with the FTC given there is minimal overlap between the two companies’ pipeline. However, the analyst also highlights that future ADC competition may reduce the peak potential of Elahere.
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