ImmunoGen, Inc. (NASDAQ: $IMGN) is a biotechnology company operating in the commercial stage. The company is dedicated to the development and commercialization of antibody-drug conjugates (ADCs) with the aim of enhancing outcomes for cancer patients.
In ImmunoGen’s ADCs, an antibody binds to a specific target on tumor cells and is linked to a potent anti-cancer agent, serving as a payload to eliminate the tumor cell upon binding to its target.
One of ImmunoGen’s notable products is ELAHERE (Mirvetuximab Soravtansine), a first-in-class ADC designed to target folate receptor alpha (FRa), a cell-surface protein that is over-expressed in various epithelial tumors, including ovarian, endometrial, and non-small-cell lung cancers.
Additionally, the company is advancing Pivekimab sunirine (PVEK), an ADC featuring a high-affinity antibody created to target CD123 through site-specific conjugation. PVEK is currently undergoing clinical trials for patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN) and acute myeloid leukemia (AML).
What Is ImmunoGen Price Target?
According to 9 Wall Street analysts that have issued a 1 year IMGN price target, the average IMGN price target is $22.67, with the highest IMGN stock price forecast at $28.00 and the lowest IMGN stock price forecast at $16.00.
On average, Wall Street analysts predict that Immunogen’s share price could reach $22.67 by Nov 20, 2024. The average Immunogen stock price prediction forecasts a potential upside of 41.14% from the current IMGN share price of $16.06.
AbbVie Pays $10.1 Billion for ImmunoGen to Expand Its Cancer Drug Portfolio
ImmunoGen (IMGN) experienced a remarkable surge of over 80% in early Thursday trading following AbbVie’s (ABBV) announcement of its acquisition of the rival biotech firm for $10.1 billion, aimed at expanding its cancer drug portfolio.
Under the agreement, AbbVie will pay $31.26 per share for ImmunoGen, representing an extraordinary 96% premium over the previous day’s closing price. The transaction is slated to conclude in the middle of the next year, with AbbVie anticipating the deal to contribute positively to earnings per share (EPS) by 2027.
This strategic move grants AbbVie access to ImmunoGen’s flagship cancer medicine, Elahere, an antibody-drug conjugate (ADC) designed for the treatment of platinum-resistant ovarian cancer (PROC). AbbVie highlighted that this acquisition accelerates its presence in both commercial and clinical aspects of solid tumor treatments. Additionally, the deal provides access to ImmunoGen’s pipeline of next-generation ADCs.
Emphasizing the significance of this development, AbbVie pointed out that ovarian cancer stands as the leading cause of death among gynecological cancers in the U.S., and Elahere is the first targeted drug proven to enhance survival rates for individuals with PROC.
CEO Richard Gomez expressed optimism about the merger’s potential to “transform the standard of care for people living with cancer.” Following the news, ImmunoGen shares reached their highest level in 23 years, and AbbVie’s shares also experienced positive movement.
$IMGN Revenue Growth Forecast for 2023-2025
Immunogen anticipates an impressive annual revenue growth rate of 35.74%, surpassing the average forecast revenue growth rate of 33.69% for the US Biotechnology industry. Additionally, it is poised to outperform the average forecast revenue growth rate of 7.54% for the overall US market.
For the year 2023, Immunogen’s projected revenue stands at $287,614,000. Ten Wall Street analysts, on average, forecast Immunogen’s revenue for the same year to be $100,550,442,848.
The range of predictions varies from a low estimate of $97,040,014,659 to a high estimate of $110,052,349,730. Looking ahead to 2024, the average revenue forecast is $144,419,878,368, with the lowest estimate at $117,848,567,672 and the highest at $172,187,780,710.
In 2025, Immunogen is expected to generate $192,235,084,164 in revenue. The forecast spans from a low revenue estimate of $141,945,484,469 to a high estimate of $228,156,531,105.
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