BMO Capital analyst Etzer Darout downgraded ImmunoGen (IMGN) to Market Perform from Outperform with a price target of $31, up from $26, after the company agreed to be acquired by AbbVie (ABBV) for $31.26 per share in cash. The firm sees low ImmunoGen pipeline risks in terms of the deal closing given that the pre-deal price implied little pipeline credit and it expects Elahere to continue to meet or exceed sales expectations in the near term.
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- AbbVie Stock (NYSE:ABBV): Bet on a Smart Drugmaker and Dealmaker
- ImmunoGen downgraded to Hold from Buy at Deutsche Bank
- ImmunoGen downgraded to Hold from Buy at Jefferies
- ImmunoGen downgraded to Hold from Buy at Canaccord
- ImmunoGen downgraded to Neutral from Buy at H.C. Wainwright
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