ImmunoGen Inc. (IMGN) Stock Rating Lowered by Zacks Investment Research
ImmunoGen Inc. (NASDAQ:IMGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “ImmunoGen, a development-stage biotechnology company, is focused on the development of targeted anti-cancer therapeutics using its ADC technology. The company has only a limited number of wholly owned candidates in its pipeline. Moreover, most of the company’s pipeline candidates are in early stages of development, which has its risks. It will be several years before any of these candidates are even close to commercialization. In such a scenario, successful development and subsequent approval of its lead pipeline candidate, mirvetuximab soravtansine (platinum-resistant ovarian cancer), is crucial for the company. ImmunoGen also plans to cut 17% of its workforce. The company’s heavy dependence on its partners for revenues is concerning. However, the company’s collaborations with big healthcare companies not only validate its technology but also provide it with funds in the form of milestone and royalty and other payments.”
Other equities analysts also recently issued reports about the stock. Jefferies Group reaffirmed a “buy” rating and set a $6.00 price objective (down from $13.00) on shares of ImmunoGen in a research note on Friday, August 5th. JPMorgan Chase & Co. set a $5.00 price objective on shares of ImmunoGen and gave the company a “hold” rating in a research note on Friday, August 5th. Finally, Cantor Fitzgerald reissued a “hold” rating on shares of ImmunoGen in a research note on Wednesday, June 8th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. ImmunoGen has a consensus rating of “Hold” and a consensus target price of $10.99.
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ImmunoGen (NASDAQ:IMGN) traded down 1.55% during trading on Wednesday, reaching $2.54. The company’s stock had a trading volume of 818,718 shares. The company has a 50-day moving average of $2.80 and a 200 day moving average of $4.69. ImmunoGen has a one year low of $2.53 and a one year high of $14.22. The firm’s market cap is $221.81 million.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Thursday, August 4th. The biotechnology company reported ($0.51) EPS for the quarter, missing the consensus estimate of ($0.39) by $0.12. The firm had revenue of $7.41 million for the quarter, compared to analysts’ expectations of $17.11 million. The company’s revenue was down 41.2% on a year-over-year basis. During the same period last year, the business posted ($0.35) earnings per share. Analysts expect that ImmunoGen will post ($1.59) EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in IMGN. BlackRock Fund Advisors boosted its stake in ImmunoGen by 2.0% in the first quarter. BlackRock Fund Advisors now owns 3,194,295 shares of the biotechnology company’s stock worth $27,215,000 after buying an additional 61,325 shares during the last quarter. Fisher Asset Management LLC boosted its stake in ImmunoGen by 3.9% in the second quarter. Fisher Asset Management LLC now owns 253,701 shares of the biotechnology company’s stock worth $751,000 after buying an additional 9,476 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in ImmunoGen by 551.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 225,900 shares of the biotechnology company’s stock worth $1,925,000 after buying an additional 191,200 shares during the last quarter. Bellevue Group AG purchased a new stake in ImmunoGen during the first quarter worth approximately $256,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in ImmunoGen during the second quarter worth approximately $417,000. 91.63% of the stock is owned by institutional investors and hedge funds.
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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