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Here's Why You Should Add ImmunoGen (IMGN) to Your Portfolio Now
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ImmunoGen , a biotechnology company, is focused on the development and commercialization of targeted cancer therapeutics using its proprietary antibody-drug conjugate (ADC) technology.
ADC has been used in the development of IMGN’s lead drug, Elahere (mirvetuximab soravtansine), approved by the FDA on Nov 14, 2022. It is also being employed in three of its development stage candidates.
Currently, ImmunoGen carries a Zacks Rank #2 (Buy).
Below, we discuss four reasons why adding IMGN stock to your portfolio may prove beneficial in 2023.
Favorable Share Price Movement: With therecent launch of Elahere, ImmunoGen was able to outperform the industry. Shares of the company have rallied 176.8% in the year-to-date period against the industry’s 1% decline.
Image Source: Zacks Investment Research
Elahere’s Approval Holds Promise: IMGN received accelerated FDA approval for Elahere to treat adults with FRα-positive, platinum-resistant epithelial ovarian, fallopian tube or primary peritoneal cancer, who have received one to three prior systemic treatment regimens. The drug is expected to gain traction in the market in the upcoming quarters.
ImmunoGen plans to submit a supplemental biologics license application (sBLA) to the FDA in the second half of 2023, seeking to convert the accelerated approval for Elahere to full approval. The sBLA will be based on positive data from the phase III MIRASOL study, evaluating the safety and efficiency of Elahere.
The drug recorded sales of $29.5 million in the first quarter of 2023.
IMGN is conducting additional studies on mirvetuximab soravtansine as a monotherapy for treating FRα-high recurrent platinum-sensitive ovarian cancer. Additionally, combination regimens with mirvetuximab are being studied in two ongoing clinical studies.
Other Promising Candidates: ImmunoGen is developing several promising candidates.
A phase II CADZENA study is assessing pivekimab sunirine as a monotherapy for blastic plasmacytoid dendritic cell neoplasm. Results from this study are expected by 2024.
The company is also evaluating pivekimab sunirine in clinical studies for acute myeloid leukemia, as a triple combination regimen with Celgene’s (now part of Bristol-Myers) Vidaza (azacytidine) and Roche (RHHBY - Free Report) /AbbVie’s Venclexta (venetoclax).
It is also developing IMGN151 for patients with lower FRα expression levels and co-developing IMGC936 with MacroGenics for solid tumors.
Positive on Deals: IMGN has strategic agreements with major healthcare companies such as Bayer, Eli Lilly, Novartis (NVS - Free Report) , Roche, and Sanofi. Per the contracts, these companies can utilize ImmunoGen's ADC technology. This, in turn, will generate revenues for the company through license and milestone fees, royalties and other support fees.
In the first quarter of 2023, license and milestone fee revenues totaled $15.0 million. The company's ADC technology is used by Roche's Kadcyla.
ImmunoGen has a research agreement with CytomX Therapeutics (CTMX - Free Report) , enabling both companies to develop candidates for a specified number of cancer targets using CTMX’s probody antibody-masking technology and IMGN's potent ADC technology.
The abovementioned agreements validate ImmunoGen's technology and provide financial support to the company. IMGN focuses on collaborative endeavors rather than solely owned products.
Image: Bigstock
Here's Why You Should Add ImmunoGen (IMGN) to Your Portfolio Now
ImmunoGen , a biotechnology company, is focused on the development and commercialization of targeted cancer therapeutics using its proprietary antibody-drug conjugate (ADC) technology.
ADC has been used in the development of IMGN’s lead drug, Elahere (mirvetuximab soravtansine), approved by the FDA on Nov 14, 2022. It is also being employed in three of its development stage candidates.
Currently, ImmunoGen carries a Zacks Rank #2 (Buy).
Below, we discuss four reasons why adding IMGN stock to your portfolio may prove beneficial in 2023.
Favorable Share Price Movement: With therecent launch of Elahere, ImmunoGen was able to outperform the industry. Shares of the company have rallied 176.8% in the year-to-date period against the industry’s 1% decline.
Image Source: Zacks Investment Research
Elahere’s Approval Holds Promise: IMGN received accelerated FDA approval for Elahere to treat adults with FRα-positive, platinum-resistant epithelial ovarian, fallopian tube or primary peritoneal cancer, who have received one to three prior systemic treatment regimens. The drug is expected to gain traction in the market in the upcoming quarters.
ImmunoGen plans to submit a supplemental biologics license application (sBLA) to the FDA in the second half of 2023, seeking to convert the accelerated approval for Elahere to full approval. The sBLA will be based on positive data from the phase III MIRASOL study, evaluating the safety and efficiency of Elahere.
The drug recorded sales of $29.5 million in the first quarter of 2023.
IMGN is conducting additional studies on mirvetuximab soravtansine as a monotherapy for treating FRα-high recurrent platinum-sensitive ovarian cancer. Additionally, combination regimens with mirvetuximab are being studied in two ongoing clinical studies.
Other Promising Candidates: ImmunoGen is developing several promising candidates.
A phase II CADZENA study is assessing pivekimab sunirine as a monotherapy for blastic plasmacytoid dendritic cell neoplasm. Results from this study are expected by 2024.
The company is also evaluating pivekimab sunirine in clinical studies for acute myeloid leukemia, as a triple combination regimen with Celgene’s (now part of Bristol-Myers) Vidaza (azacytidine) and Roche (RHHBY - Free Report) /AbbVie’s Venclexta (venetoclax).
It is also developing IMGN151 for patients with lower FRα expression levels and co-developing IMGC936 with MacroGenics for solid tumors.
Positive on Deals: IMGN has strategic agreements with major healthcare companies such as Bayer, Eli Lilly, Novartis (NVS - Free Report) , Roche, and Sanofi. Per the contracts, these companies can utilize ImmunoGen's ADC technology. This, in turn, will generate revenues for the company through license and milestone fees, royalties and other support fees.
In the first quarter of 2023, license and milestone fee revenues totaled $15.0 million. The company's ADC technology is used by Roche's Kadcyla.
ImmunoGen has a research agreement with CytomX Therapeutics (CTMX - Free Report) , enabling both companies to develop candidates for a specified number of cancer targets using CTMX’s probody antibody-masking technology and IMGN's potent ADC technology.
The abovementioned agreements validate ImmunoGen's technology and provide financial support to the company. IMGN focuses on collaborative endeavors rather than solely owned products.
ImmunoGen, Inc. Price and Consensus
ImmunoGen, Inc. price-consensus-chart | ImmunoGen, Inc. Quote
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.