ImmunoGen's Stock Plunges After Roche's Disappointing Trial Results Prompts Downgrade

ImmunoGen's stock plunged to a more than four-year low in very-active trade Friday afternoon, after Leerink Partners downgraded it to market perform from outperform, following disappointing trial results for Roche Holding's breast cancer treatment. Leerink analyst Michael Schmidt also cut his stock price target to $7 from $15. Roche's drug Kadcyla utilizes ImmunoGen's antibody-drug conjugate technology. Schmidt said the disappointing trial results were a surprise, and prompted him to lower his royalty estimates. ImmunoGen's stock was down 37% to the lowest price seen since Oct. 7, 2010. Trading volume was about 13.4 million shares as of 3 p.m. Eastern, or nearly 13 times the full-day average.