ImmunoGen Inc. (IMGN) Upgraded to Hold by Zacks Investment Research
ImmunoGen Inc. (NASDAQ:IMGN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “ImmunoGen is a development-stage biotech company focused on the development of targeted anti-cancer therapeutics using its ADC technology. The company plans to move its lead candidate, mirvetuximab soravtansine, into a late-stage study for the treatment of platinum-resistant ovarian cancer in the fourth quarter of 2016. Meanwhile, 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. ImmunoGen announced restructuring initiatives under which it plans to cut 17% of its workforce. Estimates have been moving up lately ahead of the company's Q3 results. Moreover, ImmunoGen’s heavy dependence on its partners for revenues is concerning. However, most of the company's pipeline candidates are in early stages of development and thus, quite a few years away from entering the market, if at all.”
A number of other equities analysts have also weighed in on IMGN. JPMorgan Chase & Co. set a $5.00 target price on shares of ImmunoGen and gave the stock a “hold” rating in a research report on Friday, August 5th. Jefferies Group reissued a “buy” rating and issued a $6.00 price target (down from $13.00) on shares of ImmunoGen in a report on Friday, August 5th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $10.99.
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ImmunoGen (NASDAQ:IMGN) traded down 0.8652% during midday trading on Wednesday, reaching $2.2801. 364,297 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $2.69 and a 200-day moving average of $4.38. ImmunoGen has a 12 month low of $2.21 and a 12 month high of $14.22. The stock’s market cap is $199.11 million.
ImmunoGen (NASDAQ:IMGN) last issued its earnings results on Thursday, August 4th. The biotechnology company reported ($0.51) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.39) by $0.12. The business had revenue of $7.41 million for the quarter, compared to analysts’ expectations of $17.11 million. The firm’s revenue for the quarter was down 41.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.35) EPS. On average, equities research analysts predict that ImmunoGen will post ($1.59) earnings per share for the current year.
Large investors have recently made changes to their positions in the stock. BlackRock Group LTD boosted its position in shares of ImmunoGen by 10.9% in the first quarter. BlackRock Group LTD now owns 96,428 shares of the biotechnology company’s stock worth $821,000 after buying an additional 9,496 shares during the last quarter. BlackRock Fund Advisors boosted its position in shares of 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. BB&T Securities LLC boosted its position in shares of ImmunoGen by 10.0% in the first quarter. BB&T Securities LLC now owns 22,727 shares of the biotechnology company’s stock worth $193,000 after buying an additional 2,065 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its position in shares of 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. Finally, Bellevue Group AG acquired a new position in shares of ImmunoGen during the first quarter worth approximately $256,000. 91.67% of the stock is currently 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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