Deutsche Bank downgraded ImmunoGen (IMGN) to Hold from Buy with a price target of $31, up from $25, after AbbVie (ABBV) announced an acquisition deal at $31 per share, or $10.1B deal value. Given AbbVie’s minimal commercial presence in solid tumors, the firm doesn’t anticipate the FTC to scrutinize the deal and it also does not anticipate any competing offers.
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