Intrinsic value of Immunogen - IMGN

Previous Close

$10.15

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$10.15

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of IMGN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -63.33
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  22
  22
  23
  24
  24
  25
  26
  27
  28
  29
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  47
  50
  52
  54
  57
  60
  63
  66
  69
  72
Variable operating expenses, $m
 
  57
  58
  60
  62
  63
  66
  68
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  105
  110
  115
  121
  126
  132
  139
  145
  152
  159
  167
  175
  184
Fixed operating expenses, $m
 
  35
  36
  37
  38
  38
  39
  40
  41
  42
  44
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  59
  60
  61
  63
  65
  66
  68
  70
  71
Total operating expenses, $m
  89
  92
  94
  97
  100
  101
  105
  108
  111
  115
  120
  124
  128
  132
  137
  142
  147
  153
  158
  164
  171
  178
  185
  192
  200
  208
  217
  225
  235
  245
  255
Operating income, $m
  -67
  -70
  -71
  -73
  -75
  -77
  -79
  -82
  -84
  -87
  -89
  -92
  -95
  -99
  -102
  -105
  -109
  -113
  -117
  -121
  -126
  -130
  -135
  -140
  -146
  -151
  -157
  -163
  -169
  -176
  -183
EBITDA, $m
  -64
  -68
  -69
  -71
  -73
  -75
  -77
  -79
  -82
  -84
  -87
  -90
  -93
  -96
  -99
  -102
  -106
  -110
  -113
  -118
  -122
  -126
  -131
  -136
  -141
  -146
  -152
  -158
  -164
  -170
  -177
Interest expense (income), $m
  0
  3
  -8
  -8
  -8
  -8
  -8
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -7
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -5
  -5
  -5
Earnings before tax, $m
  -79
  -73
  -64
  -65
  -67
  -69
  -72
  -74
  -77
  -79
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -164
  -171
  -178
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -79
  -73
  -64
  -65
  -67
  -69
  -72
  -74
  -77
  -79
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -164
  -171
  -178

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  160
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  199
  40
  41
  42
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  116
  122
  128
Adjusted assets (=assets-cash), $m
  39
  40
  41
  42
  43
  44
  46
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  116
  122
  128
Revenue / Adjusted assets
  0.564
  0.550
  0.561
  0.571
  0.558
  0.568
  0.565
  0.574
  0.571
  0.569
  0.566
  0.564
  0.561
  0.559
  0.565
  0.563
  0.567
  0.571
  0.562
  0.558
  0.563
  0.560
  0.568
  0.565
  0.557
  0.564
  0.566
  0.568
  0.569
  0.566
  0.563
Average production assets, $m
  10
  10
  10
  10
  10
  11
  11
  12
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  20
  21
  22
  24
  25
  26
  27
  28
  30
  31
Working capital, $m
  120
  -41
  -42
  -43
  -44
  -45
  -47
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
  -75
  -79
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -119
  -125
  -131
Total debt, $m
  97
  -219
  -218
  -217
  -216
  -215
  -214
  -213
  -211
  -209
  -208
  -206
  -204
  -202
  -199
  -197
  -194
  -192
  -189
  -186
  -183
  -179
  -176
  -172
  -168
  -164
  -160
  -155
  -150
  -145
  -140
Total liabilities, $m
  352
  36
  37
  38
  39
  40
  41
  42
  44
  46
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  105
  110
  115
Total equity, $m
  -153
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
Total liabilities and equity, $m
  199
  40
  41
  42
  43
  44
  46
  47
  49
  51
  52
  54
  57
  59
  62
  64
  68
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  117
  122
  128
Debt-to-equity ratio
  -0.634
  -55.090
  -53.650
  -52.080
  -50.410
  -48.660
  -46.860
  -45.020
  -43.160
  -41.290
  -39.430
  -37.590
  -35.770
  -33.990
  -32.240
  -30.540
  -28.880
  -27.270
  -25.700
  -24.190
  -22.740
  -21.330
  -19.980
  -18.670
  -17.420
  -16.220
  -15.070
  -13.970
  -12.910
  -11.900
  -10.930
Adjusted equity ratio
  -8.026
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -79
  -73
  -64
  -65
  -67
  -69
  -72
  -74
  -77
  -79
  -82
  -85
  -88
  -91
  -95
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -164
  -171
  -178
Depreciation, amort., depletion, $m
  3
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
Funds from operations, $m
  -97
  -71
  -62
  -63
  -65
  -67
  -69
  -72
  -74
  -77
  -80
  -82
  -85
  -89
  -92
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -140
  -146
  -152
  -158
  -165
  -171
Change in working capital, $m
  -13
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
Cash from operations, $m
  -84
  -70
  -61
  -62
  -64
  -66
  -68
  -70
  -72
  -75
  -78
  -80
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -125
  -130
  -136
  -141
  -147
  -153
  -159
  -165
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
New CAPEX, $m
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Cash from investing activities, $m
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
Free cash flow, $m
  -85
  -72
  -63
  -64
  -66
  -68
  -70
  -73
  -75
  -78
  -80
  -83
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -166
  -173
Issuance/(repayment) of debt, $m
  0
  -316
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
Issuance/(repurchase) of shares, $m
  0
  390
  64
  65
  67
  70
  72
  74
  77
  79
  82
  85
  88
  92
  95
  99
  103
  107
  111
  115
  120
  124
  129
  135
  140
  146
  152
  158
  164
  171
  178
Cash from financing (excl. dividends), $m  
  0
  74
  65
  66
  68
  71
  73
  75
  79
  81
  84
  87
  90
  94
  97
  101
  106
  110
  114
  118
  123
  127
  133
  139
  144
  150
  156
  163
  169
  176
  183
Total cash flow (excl. dividends), $m
  -85
  1
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
Retained Cash Flow (-), $m
  71
  -390
  -64
  -65
  -67
  -70
  -72
  -74
  -77
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -124
  -129
  -135
  -140
  -146
  -152
  -158
  -164
  -171
  -178
Prev. year cash balance distribution, $m
 
  160
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -228
  -62
  -64
  -65
  -67
  -69
  -71
  -74
  -76
  -79
  -81
  -84
  -87
  -91
  -94
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -149
  -155
  -161
  -167
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  -216
  -55
  -53
  -50
  -48
  -45
  -42
  -39
  -36
  -33
  -30
  -27
  -24
  -21
  -18
  -15
  -13
  -11
  -9
  -7
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  2.9
  0.2
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

ImmunoGen, Inc. is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. An ADC with the Company's technology comprises an antibody that binds to a target found on tumor cells conjugated to one of its anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target. Its product candidates include Mirvetuximab soravtansine; IMGN779; IMGN632; and Coltuximab ravtansine. Its portfolio is led by Mirvetuximab soravtansine, a first-in-class ADC targeting folate-receptor alpha (Fra), which is in a Phase III registrational trial called FORWARD I. Its FORWARD II trial consists of cohorts assessing Mirvetuximab soravtansine in combination with Avastin (bevacizumab), Keytruda (pembrolizumab) and carboplatin. The Company has developed tubulin-acting maytansinoid payload agents, which include DM1 and DM4, as well as deoxyribonucleic acid (DNA)-alkylating agents called IGNs.

FINANCIAL RATIOS  of  Immunogen (IMGN)

Valuation Ratios
P/E Ratio -11.2
Price to Sales 40.3
Price to Book -5.8
Price to Tangible Book
Price to Cash Flow -10.5
Price to Free Cash Flow -10.4
Growth Rates
Sales Growth Rate -63.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -90%
Cap. Spend. - 3 Yr. Gr. Rate -34%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -63.4%
Total Debt to Equity -63.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -33.1%
Ret/ On Assets - 3 Yr. Avg. -35.8%
Return On Total Capital 385.4%
Ret/ On T. Cap. - 3 Yr. Avg. -101.5%
Return On Equity 67.2%
Return On Equity - 3 Yr. Avg. 191.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -345.5%
EBITDA Margin - 3 Yr. Avg. -214.2%
Operating Margin -304.5%
Oper. Margin - 3 Yr. Avg. -191.9%
Pre-Tax Margin -359.1%
Pre-Tax Margin - 3 Yr. Avg. -223.9%
Net Profit Margin -359.1%
Net Profit Margin - 3 Yr. Avg. -223.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

IMGN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMGN stock intrinsic value calculation we used $22 million for the last fiscal year's total revenue generated by Immunogen. The default revenue input number comes from 2016 income statement of Immunogen. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IMGN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.9%, whose default value for IMGN is calculated based on our internal credit rating of Immunogen, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Immunogen.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IMGN stock the variable cost ratio is equal to 254.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $34 million in the base year in the intrinsic value calculation for IMGN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Immunogen.

Corporate tax rate of 27% is the nominal tax rate for Immunogen. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IMGN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IMGN are equal to 43.2%.

Life of production assets of 3.2 years is the average useful life of capital assets used in Immunogen operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IMGN is equal to -181.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-153 million for Immunogen - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 160.686 million for Immunogen is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Immunogen at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ 3 Biotech Stocks That Soared This Week: Are They Buys?   [Feb-17-18 10:34AM  Motley Fool]
▶ ImmunoGen Moves One Foot Forward   [Feb-13-18 03:54PM  Motley Fool]
▶ Why ImmunoGen Jumped Higher Today   [Feb-12-18 03:50PM  Motley Fool]
▶ ImmunoGen reports 4Q loss   [06:56AM  Associated Press]
▶ Why ImmunoGen Inc. Pulled Back Today   [Feb-05-18 04:40PM  Motley Fool]
▶ Here's What's Lifting ImmunoGen, Inc. Shares Today   [Jan-31-18 12:28PM  Motley Fool]
▶ ImmunoGen Appoints Stuart A. Arbuckle to Board of Directors   [Jan-24-18 08:00AM  Business Wire]
▶ Why ImmunoGen, Inc. Jumped Higher Today   [Dec-13-17 04:12PM  Motley Fool]
▶ 5 Cheap Biotech Stocks to Snag on the Bounce   [Dec-08-17 01:59PM  InvestorPlace]
▶ ImmunoGen, Inc. Moves Forward   [Nov-09-17 03:49PM  Motley Fool]
▶ ImmunoGen reports 3Q loss   [06:47AM  Associated Press]
▶ Why ImmunoGen, Inc. Got Burned into ASH Today   [Nov-01-17 04:51PM  Motley Fool]
▶ Who Owns Most Of ImmunoGen Inc (IMGN)?   [Oct-23-17 03:16PM  Simply Wall St.]
▶ Why ImmunoGen, Inc. Dropped Today   [03:58PM  Motley Fool]
▶ Why ImmunoGens Secondary Makes Sense   [09:55AM  24/7 Wall St.]
▶ Should You Be Holding ImmunoGen Inc (IMGN) Right Now?   [Oct-03-17 06:46AM  Simply Wall St.]
▶ Better Buy: Exelixis, Inc. vs. Immunogen, Inc.   [Sep-30-17 10:47AM  Motley Fool]
▶ ImmunoGen Inc (IMGN): Risks You Need To Consider Before Buying   [Sep-18-17 08:13PM  Simply Wall St.]
▶ Is ImmunoGen Running Out of Steam, or Taking a Breather?   [Sep-16-17 10:31AM  Motley Fool]
▶ Why Shares of ImmunoGen, Inc. Sank Today   [Sep-12-17 06:33PM  Motley Fool]
▶ Behind Jazzs Strategic Collaboration with ImmunoGen   [Sep-07-17 04:35PM  Market Realist]
▶ ETFs with exposure to ImmunoGen, Inc. : August 31, 2017   [Aug-31-17 06:54PM  Capital Cube]
▶ Biotechs On The Move   [04:01PM  Forbes]
▶ Why Investors Bid Immunogen Inc. Up Almost 12% Today   [Aug-30-17 05:39PM  Motley Fool]
▶ Harry Boxers four biotech stocks to watch   [12:00PM  MarketWatch]
▶ Why Movado Group, Catalent, and ImmunoGen Jumped Today   [Aug-29-17 04:21PM  Motley Fool]
▶ Why ImmunoGen, Inc. Jumped Higher Today   [01:44PM  Motley Fool]
▶ Penny Stocks to Watch for August 2017   [10:05AM  Investopedia]
Financial statements of IMGN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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