ImmunoGen ‘should rank high on list’ of possible M&A targets, says Guggenheim

Guggenheim analyst Michael Schmidt argues that ImmunoGen (IMGN) “should rank high on the list of potential acquisition targets for large Biopharmaceutical companies” following the recent disclosure of positive MIRASOL Phase 3 data and signs of a strong U.S. commercial launch of Elahere. Based on its analysis, the firm believes (GSK) GSK ranks highest as a potential acquirer of ImmunoGen, followed by Amgen (AMGN), Novartis (NVS) and Bristol Myers (BMY). Based on recently announced transactions, the firm thinks that an acquisition price of $32-$36 per share could be supported based on current Street consensus estimates, the analyst tells investors. The firm maintains a Buy rating and $24 price target on ImmunoGen shares.