ImmunoGen, Inc. (IMGN) Expected to Post Earnings of -$0.40 Per Share
Wall Street analysts expect ImmunoGen, Inc. (NASDAQ:IMGN) to announce earnings of ($0.40) per share for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for ImmunoGen’s earnings. The highest EPS estimate is ($0.38) and the lowest is ($0.44). ImmunoGen posted earnings of ($0.51) per share during the same quarter last year, which suggests a positive year-over-year growth rate of 21.6%. The business is expected to announce its next earnings report on Thursday, August 3rd.
According to Zacks, analysts expect that ImmunoGen will report full year earnings of ($1.44) per share for the current fiscal year, with EPS estimates ranging from ($1.53) to ($1.40). For the next fiscal year, analysts expect that the firm will post earnings of ($1.40) per share, with EPS estimates ranging from ($1.59) to ($0.89). Zacks’ EPS calculations are an average based on a survey of sell-side research firms that that provide coverage for ImmunoGen.
ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings data on Friday, May 5th. The biotechnology company reported ($0.20) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.36) by $0.16. The company had revenue of $28.70 million during the quarter, compared to analyst estimates of $16.16 million. The firm’s quarterly revenue was up 45.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.37) EPS.
IMGN has been the topic of a number of recent research reports. Leerink Swann upgraded shares of ImmunoGen from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $3.53 to $3.90 in a report on Wednesday, April 19th. Jefferies Group LLC reiterated a “buy” rating and issued a $6.00 price objective on shares of ImmunoGen in a report on Wednesday, April 12th. William Blair reiterated an “outperform” rating on shares of ImmunoGen in a report on Monday. Cantor Fitzgerald reiterated a “hold” rating and issued a $5.00 price objective on shares of ImmunoGen in a report on Monday, May 8th. Finally, Zacks Investment Research upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $4.00 price objective on the stock in a report on Friday, March 3rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $5.88.
ImmunoGen (NASDAQ IMGN) opened at 7.22 on Friday. The firm has a 50-day moving average of $5.12 and a 200 day moving average of $3.52. ImmunoGen has a 1-year low of $1.51 and a 1-year high of $7.40. The firm’s market cap is $645.09 million.
Several institutional investors have recently added to or reduced their stakes in IMGN. State Street Corp boosted its position in ImmunoGen by 3.1% in the fourth quarter. State Street Corp now owns 1,526,398 shares of the biotechnology company’s stock valued at $3,115,000 after buying an additional 45,628 shares in the last quarter. Federated Investors Inc. PA boosted its position in ImmunoGen by 69.6% in the fourth quarter. Federated Investors Inc. PA now owns 108,104 shares of the biotechnology company’s stock valued at $221,000 after buying an additional 44,353 shares in the last quarter. Norges Bank purchased a new position in ImmunoGen during the fourth quarter valued at $3,123,000. Teachers Advisors LLC boosted its position in ImmunoGen by 10.6% in the fourth quarter. Teachers Advisors LLC now owns 209,859 shares of the biotechnology company’s stock valued at $428,000 after buying an additional 20,171 shares in the last quarter. Finally, Creative Planning boosted its position in ImmunoGen by 116.4% in the first quarter. Creative Planning now owns 53,444 shares of the biotechnology company’s stock valued at $207,000 after buying an additional 28,744 shares in the last quarter. 73.93% of the stock is owned by institutional investors and hedge funds.
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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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