I'm only concerned with the long term direction the stock is taking, not the short term reaction to missing estimates, which frankly are meaningless for a biotech at this point in its development. Additional trial results will be issued later this year and I believe we'll see substantially higher prices as the recognition that IMGN853 will gain approval by 2020 and possibly before becomes more certain. I also believe we'll see solid results from IMGN's newer technology in trial.
IMGN has been clear, they are looking for a ROW partner for IMGN853, it's uncertain if they want to keep just the U.S., or all of North America, but regardless, when it's consumated, it will be huge. The only question is when, and the longer partners wait to make such an agreement, the more they'll pay. In time it will happen.
With the approval of IMGN853 IMGN should reach at least half the market cap of SGEN, and perhaps exceed it if SGEN doesn't gain approvals for new products by then as well. Look at SGEN's earnings, in spite of growing sales, they're down substantially, but they are acquiring new technologies.
Give IMGN another two years and I believe you'll see a stock price of $40 or more.
Gary
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