ImmunoGen’s MIRASOL trial results represent best-case scenario, says Guggenheim

Guggenheim notes ImmunoGen reported positive top-line results for the MIRASOL Phase III clinical trial of Elahere for the treatment of patients with FRa-positive platinum-resistant ovarian cancer. The results represent a best-case scenario in the firm’s view, and based on the data and prior Key Opinion Leaders discussion, Guggenheim believes Elahere will become the clear first treatment choice for patients with FRa+ prOC. The results will support conversion of Elahere’s accelerated approval to full approval and support European regulatory filings. The firm thinks the data also reads through positively to label extension opportunities for Elahere in earlier treatment settings in ovarian cancer where ImmunoGen has clinical trials ongoing, including GLORIOSA, PICCOLO, and Stude 420. Guggenheim currently forecasts $1B U.S. sales in 2030. The firm has a Buy rating on the shares with a price target of $22.