Royal Bank of Canada Reiterates “Outperform” Rating for ImmunoGen (IMGN)

ImmunoGen (NASDAQ:IMGN)‘s stock had its “outperform” rating reissued by research analysts at Royal Bank of Canada in a report released on Thursday, Marketbeat reports. They presently have a $12.00 price objective on the biotechnology company’s stock. Royal Bank of Canada’s price target points to a potential upside of 34.68% from the stock’s previous close.

Other equities analysts have also issued research reports about the company. HC Wainwright began coverage on ImmunoGen in a report on Wednesday, January 31st. They set a “buy” rating on the stock. Cantor Fitzgerald reaffirmed a “hold” rating and set a $5.00 price objective on shares of ImmunoGen in a report on Friday, November 3rd. BidaskClub raised ImmunoGen from a “hold” rating to a “buy” rating in a report on Thursday, January 18th. Jefferies Group reissued a “buy” rating and set a $9.00 price target on shares of ImmunoGen in a report on Thursday, October 12th. Finally, Zacks Investment Research raised ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 price target on the stock in a report on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. ImmunoGen has an average rating of “Buy” and an average target price of $7.83.

ImmunoGen (NASDAQ:IMGN) opened at $8.91 on Thursday. The stock has a market capitalization of $1,158.51, a PE ratio of -6.85 and a beta of 2.50. ImmunoGen has a twelve month low of $2.31 and a twelve month high of $10.04. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of -0.03.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, February 9th. The biotechnology company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $39.40 million during the quarter, compared to the consensus estimate of $39.62 million. The business’s revenue was up 185.5% on a year-over-year basis. During the same quarter last year, the firm posted ($0.39) earnings per share. sell-side analysts forecast that ImmunoGen will post -0.97 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IMGN. FMR LLC grew its holdings in shares of ImmunoGen by 598.9% during the second quarter. FMR LLC now owns 5,605,285 shares of the biotechnology company’s stock worth $39,854,000 after buying an additional 4,803,256 shares during the last quarter. BlackRock Inc. grew its holdings in shares of ImmunoGen by 54.7% during the fourth quarter. BlackRock Inc. now owns 8,470,097 shares of the biotechnology company’s stock worth $54,294,000 after buying an additional 2,996,116 shares during the last quarter. State Street Corp grew its holdings in shares of ImmunoGen by 159.1% during the second quarter. State Street Corp now owns 4,141,583 shares of the biotechnology company’s stock worth $29,450,000 after buying an additional 2,542,876 shares during the last quarter. Chicago Equity Partners LLC grew its holdings in shares of ImmunoGen by 124.7% during the third quarter. Chicago Equity Partners LLC now owns 490,635 shares of the biotechnology company’s stock worth $3,753,000 after buying an additional 272,315 shares during the last quarter. Finally, Allianz Asset Management GmbH purchased a new position in shares of ImmunoGen during the third quarter worth about $1,780,000. 67.88% of the stock is currently owned by hedge funds and other institutional investors.

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ImmunoGen Company Profile

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.

Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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