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WR Hambrecht Upgrades ImmunoGen

WR Hambrecht upgraded oncology pharmaceutical outfit ImmunoGen (IMGN) to buy from hold.

Analyst Jason Cantor believes ImmunoGen has a relatively low risk financially at its stage of development. He says the net positive for the quarter was a slow cash-burn rate. Another thing that underscores low risk is the fact that ImmunoGen has $95 million in cash and no debt.

Another plus for the company was nice movement in programs from many of its partners during the quarter. He believes the pipeline of programs and potential future partnerships should provide strong news flow over next 6 to 12 months. He sees a 42 cents fiscal 2005 (ending June) loss, narrows the company's 46-cent fiscal 2006 loss estimate to a 27-cent loss, and the 57-cent fiscal 2007 loss to a 34-cent loss.

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