Immunogen (NASDAQ:IMGN) shares gained more than 2% pre-market today after JPMorgan analysts upgraded the company from Neutral to Overweight rating and raised the price target to $22.00 from $9.00.

This upgrade is based on positive feedback from a physician survey regarding the launch of Elahere in platinum-resistant ovarian cancer (PROC) and a favorable assessment of Immunogen's research and development portfolio.

The analysts believe that Elahere's U.S. launch is showing strong growth potential, and the current valuation of Immunogen does not fully reflect the commercial product's potential. Additionally, there are expansion opportunities for other clinical-stage assets, and upcoming ORR results from the Phase 2 PICCOLO trial could further bolster investor confidence.