ImmunoGen shares jump after Barclays raises price target of biotech firm

Investing.com -- Shares in ImmunoGen (NASDAQ:IMGN) jumped in early trading on Friday after analysts at Barclays raised their price target for the stock to $20 from $9, citing positive commentary around the biotech company's ovarian cancer treatment.

In a note to clients, the Barclays analysts said data presented by the firm for its Elahere ovarian cancer drug at the recent American Society of Clinical Oncology conference were "well received," adding that some observers believe the treatment can be "practice changing."

ImmunoGen previously announced in May that a late-stage trial showed that Elahere helped extend the lives of patients without the cancer worsening, particularly when compared to chemotherapy. Analysts at Truist Securities told Reuters at the time the result was a "home run" for ImmunoGen and all but removes doubt that the drug candidate will eventually receive approval from U.S. drug regulators.

Elsewhere on Friday, ImmunoGen announced updated interim results of a Phase 2 trial of its pivekimab for people with a rare blood cancer. The co-investigator of the study said there was "impressive anti-tumor activity and durable responses" in both frontline and relapsed patients, adding that pivekimab has the potential to be a "promising, novel option for this challenging disease."

When measuring from Thursday's closing price, shares in ImmunoGen have now climbed 217% so far this year.