ImmunoGen upgraded to Overweight at Piper after ‘overwhelmingly positive’ data

As previously reported, Piper Sandler upgraded ImmunoGen to Overweight from Neutral with a price target of $16, up from $6, following what the firm calls "overwhelmingly positive topline data" from the confirmatory MIRASOL trial evaluating the safety and efficacy of Elahere compared to chemotherapy in patients with folate receptor alpha-positive platinum-resistant ovarian cancer. While noting that full data are expected to be presented at a medical meeting later this year, Piper argues that "it is hard not to declare this topline an emphatically clean win for Elahere" and it feels comfortable there is opportunity for further upside as near-term estimates are "still likely too low."