Biotech Values

[poorgradstudent]

IMGN:

Admittedly I'm rather negative on this company, and I've mentioned before that I don't think their royalties will be all that great.

If the market sees IMGN simply as a vehicle to receive royalties on a single drug, I don't think Mr. Market will afford them much of a multiple on their earnings. For IMGN to unlock any real value for shareholders, they'll have to actually develop a drug by themselves. To date, they have been *horrible* at this part of the game.

There's no there there, imo.