Oppenheimer starts ImmunoGen at Perform on upcoming Sutro competition

Oppenheimer initiated coverage of ImmunoGen (IMGN) with a Perform rating and $16 price target. While stating that ImmunoGen “stands among the pioneers of antibody-drug conjugates,” or ADCs, for oncology and acknowledging that the launch of lead asset Elahere “surpassed expectations” since the drug received accelerated approval in Q4 of 2022, the firm anticipates shares to continue trading near fair value. The firm forecasts Elahere sales in line with consensus until about 2027, when it anticipates competition from Sutro Biopharma (STRO) luvelta, the analyst tells investors.