BUY !!! ImmunoGen Inc. (IMGN

ImmunoGen Inc. (IMGN: 12.55 +0.2625 +2.14%) recently announced that it has moved its oncology candidate SAR566658 into clinical testing. SAR566658 is being developed as a treatment for ovarian, breast, cervical, lung and pancreatic cancers. ImmunoGen has an agreement with Sanofi-Aventis (SNY: 37.52 +0.29 +0.78%) for the development of SAR566658, and the initiation of clinical testing resulted in a $1 million milestone payment from Sanofi-Aventis.

SAR566658 has been developed using ImmunoGen’s Targeted Antibody Payload (TAP) technology. Two more compounds, SAR3419 and SAR650984, developed through the TAP technology, are currently in clinical trials, also in collaboration with Sanofi-Aventis.

The company currently has eight compounds in the clinical testing phase, in line with the company’s target of having 12 compounds in clinical trails by the end of 2011.

ImmunoGen and Sanofi-Aventis have been in partnership since 2003 for the development of anticancer drugs using ImmunoGen’s antibody expertise. As per the terms of the deal, Sanofi-Aventis is responsible for the development, testing, manufacturing and marketing of the products developed under the alliance, while ImmunoGen has certain co-promotion rights. ImmunoGen is also entitled to receive milestone payments and royalties on the sale of the products developed under the agreement.

We currently have a Zacks #4 Rank (short-term Sell rating) on ImmunoGen. The company faced a setback a few weeks back with the US Food and Drug Administration’s (FDA) refusing to accept the company’s Biologics License Application for the accelerated approval of its breast cancer treatment, trastuzmab-DM1. ImmunoGen has an agreement with Roche Holding Ltd. (RHHBY: 0.00 N/A N/A) for the development of trastuzumab-DM1.

http://www.immunogen.com/wt/home/home

Analysts' Targets
RBC Capital Markets	$16
Friday, April 08, 2011
Brean Murray & Co.	$11
Buy
Tuesday, March 01, 2011