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Analysts at Canaccord Genuity began coverage on shares of Immunogen (NASDAQ:IMGN) in a research report issued to clients and investors on Wednesday, reports. The firm set a “buy” rating and a $20.00 price target on the stock. Canaccord Genuity’s price target points to a potential upside of 56.25% from the stock’s previous close.

The analysts wrote, “We are initiating coverage of ImmunoGen with a BUY rating and $20 price target. We expect positive Phase 3 data for Kadcyla in HER2+ metastatic breast cancer, which could eliminate the need for chemotherapy in this setting. Kadcyla targets a >$7B market opportunity long term, with royalties to ImmunoGen. ImmunoGen is also advancing its wholly-owned products.”

IMGN has been the subject of a number of other recent research reports. Analysts at Zacks upgraded shares of Immunogen from a “neutral” rating to an “outperform” rating in a research note on Monday, April 7th. They now have a $15.90 price target on the stock. Separately, analysts at Guggenheim raised their price target on shares of Immunogen from $14.00 to $15.00 in a research note on Friday, January 31st. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $17.78.

Shares of Immunogen (NASDAQ:IMGN) traded up 8.91% during mid-day trading on Wednesday, hitting $13.94. The stock had a trading volume of 341,699 shares. Immunogen has a 52-week low of $11.78 and a 52-week high of $20.25. The stock’s 50-day moving average is $15.37 and its 200-day moving average is $15.42. The company’s market cap is $1.194 billion.

Immunogen (NASDAQ:IMGN) last released its earnings data on Friday, January 31st. The company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by $0.11. The company had revenue of $30.10 million for the quarter, compared to the consensus estimate of $18.16 million. During the same quarter in the previous year, the company posted ($0.29) earnings per share. The company’s revenue for the quarter was up 1057.7% on a year-over-year basis. Analysts expect that Immunogen will post $-0.67 EPS for the current fiscal year.

ImmunoGen, Inc (NASDAQ:IMGN) develops targeted, antibody-based therapeutics for the treatment of cancer.

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