BidaskClub lowered shares of ImmunoGen, Inc. (NASDAQ:IMGN) from a strong-buy rating to a buy rating in a report published on Wednesday morning.
IMGN has been the subject of a number of other reports. Leerink Swann raised ImmunoGen from a market perform rating to an outperform rating and increased their price objective for the stock from $3.53 to $3.90 in a report on Wednesday, April 19th. Cowen and Company reissued a hold rating on shares of ImmunoGen in a report on Saturday, May 6th. Jefferies Group LLC reissued a buy rating and issued a $6.00 price objective on shares of ImmunoGen in a report on Wednesday, April 12th. Royal Bank Of Canada raised ImmunoGen from a sector perform rating to an outperform rating and increased their price objective for the stock from $5.00 to $12.00 in a report on Thursday, July 6th. Finally, Canaccord Genuity set a $6.00 price objective on ImmunoGen and gave the stock a buy rating in a report on Saturday, May 6th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $6.76.
ImmunoGen (NASDAQ:IMGN) traded up 1.85% during mid-day trading on Wednesday, hitting $6.07. The company had a trading volume of 1,291,814 shares. The firm’s market cap is $542.34 million. The stock’s 50 day moving average price is $5.90 and its 200 day moving average price is $4.03. ImmunoGen has a 52-week low of $1.51 and a 52-week high of $8.04.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, May 5th. The biotechnology company reported ($0.20) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.16. The business had revenue of $28.70 million during the quarter, compared to the consensus estimate of $16.16 million. During the same period last year, the company earned ($0.37) earnings per share. The business’s quarterly revenue was up 45.7% compared to the same quarter last year. On average, equities research analysts predict that ImmunoGen will post ($1.18) EPS for the current fiscal year.
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A number of institutional investors have recently modified their holdings of IMGN. Clearbridge Investments LLC raised its position in shares of ImmunoGen by 6.5% in the first quarter. Clearbridge Investments LLC now owns 14,428,856 shares of the biotechnology company’s stock worth $55,840,000 after buying an additional 884,524 shares during the last quarter. Vanguard Group Inc. raised its position in shares of ImmunoGen by 0.7% in the first quarter. Vanguard Group Inc. now owns 4,110,431 shares of the biotechnology company’s stock worth $15,907,000 after buying an additional 27,141 shares during the last quarter. Redmile Group LLC purchased a new position in shares of ImmunoGen during the first quarter worth about $15,421,000. Norges Bank purchased a new position in shares of ImmunoGen during the fourth quarter worth about $3,123,000. Finally, State Street Corp raised its position in shares of ImmunoGen by 3.1% in the fourth quarter. State Street Corp now owns 1,526,398 shares of the biotechnology company’s stock worth $3,115,000 after buying an additional 45,628 shares during the last quarter. 73.93% of the stock is owned by hedge funds and other institutional investors.
ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. The Company is engaged in the discovery of monoclonal antibody-based anticancer therapeutics. 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.
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