J.P. Morgan Reports In-Line Results From IMGN

J.P. Morgan is raising its price target on ImmunoGen IMGN from $7 to $8 following the company's release of its FY4Q11 results. Says J.P. Morgan, in its report, “IMGN reported relatively in-line FY4Q11 results, offered guidance for FY2012 and maintained timelines for key products. Our underlying thesis is unchanged, and we remain Neutral given valuation and timelines for lead breast cancer asset T-DM1.” As mentioned above, J.P. Morgan is maintaining its Neutral rating on IMGN. IMGN closed at $12.38 yesterday.