ImmunoGen, Inc. (NASDAQ:IMGN) fell 5.2% during mid-day trading on Thursday . The stock traded as low as $6.60 and last traded at $6.28. 2,446,721 shares traded hands during trading, a decline of 34% from the average session volume of 3,702,930 shares. The stock had previously closed at $6.62.
Several brokerages recently issued reports on IMGN. Jefferies Group LLC reaffirmed a “buy” rating and set a $9.00 price target on shares of ImmunoGen in a report on Thursday. Cantor Fitzgerald reaffirmed a “hold” rating and set a $5.00 price target on shares of ImmunoGen in a report on Monday, September 25th. ValuEngine lowered shares of ImmunoGen from a “hold” rating to a “sell” rating in a report on Thursday, September 21st. Canaccord Genuity reissued a “buy” rating and set a $10.00 target price (up from $8.00) on shares of ImmunoGen in a report on Wednesday, August 30th. Finally, Cowen and Company reissued a “hold” rating on shares of ImmunoGen in a report on Tuesday, August 29th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $8.05.
The firm has a 50 day moving average price of $7.11 and a 200-day moving average price of $5.66. The firm’s market cap is $534.89 million.
ImmunoGen (NASDAQ:IMGN) last issued its earnings results on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.17) by $0.07. The firm had revenue of $39.02 million during the quarter, compared to the consensus estimate of $30.59 million. During the same quarter in the prior year, the business posted ($0.53) EPS. The firm’s revenue for the quarter was up 426.6% on a year-over-year basis. On average, equities research analysts predict that ImmunoGen, Inc. will post ($0.73) earnings per share for the current fiscal year.
In other news, VP Craig Barrows sold 37,050 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $6.81, for a total value of $252,310.50. Following the transaction, the vice president now owns 51,100 shares in the company, valued at $347,991. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.51% of the stock is currently owned by company insiders.
Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in shares of ImmunoGen by 37,346.0% in the first quarter. JPMorgan Chase & Co. now owns 187,230 shares of the biotechnology company’s stock worth $725,000 after purchasing an additional 186,730 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of ImmunoGen by 14.2% in the first quarter. Stifel Financial Corp now owns 103,815 shares of the biotechnology company’s stock worth $382,000 after purchasing an additional 12,907 shares during the last quarter. Neuberger Berman Group LLC grew its holdings in shares of ImmunoGen by 8.2% in the first quarter. Neuberger Berman Group LLC now owns 47,943 shares of the biotechnology company’s stock worth $186,000 after purchasing an additional 3,616 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of ImmunoGen by 3.5% in the first quarter. Geode Capital Management LLC now owns 678,343 shares of the biotechnology company’s stock worth $2,625,000 after purchasing an additional 22,991 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings 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 purchasing an additional 27,141 shares during the last quarter. Hedge funds and other institutional investors own 65.66% of the company’s stock.
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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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