ImmunoGen, Inc. (NASDAQ:IMGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.

According to Zacks, “ImmunoGen has made significant progress with regard to its lead pipeline candidate, mirvetuximab soravtansine (platinum-resistant ovarian cancer). However, most of the pipeline candidates are in early stages of development and still a long way from entering the market, if at all. Moreover, ImmunoGen has only a limited number of wholly owned candidates in its pipeline. Hence successful development and subsequent approval of its lead candidate, is crucial for growth at ImmunoGen. On the flip side, 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 payments. The company’s shares have outperformed the broader industry so far this year. Notably, estimates have been going down lately ahead of the company’s Q2 earnings release. The company has negative record of earnings surprises in recent quarters.”

Other research analysts have also recently issued research reports about the company. Canaccord Genuity set a $6.00 target price on ImmunoGen and gave the company a “buy” rating in a research note on Saturday, May 6th. Jefferies Group LLC reaffirmed a “buy” rating and set a $6.00 target price on shares of ImmunoGen in a research note on Wednesday, April 12th. Cantor Fitzgerald reaffirmed a “hold” rating and set a $5.00 target price on shares of ImmunoGen in a research note on Monday, May 8th. Cowen and Company reiterated a “hold” rating on shares of ImmunoGen in a report on Monday, March 13th. Finally, Royal Bank of Canada set a $5.00 price target on ImmunoGen and gave the company a “hold” rating in a report on Saturday, May 6th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $6.76.

ImmunoGen (IMGN) traded down 2.652% during midday trading on Monday, reaching $7.525. The company’s stock had a trading volume of 648,333 shares. ImmunoGen has a 12-month low of $1.51 and a 12-month high of $8.04. The company’s 50-day moving average is $5.12 and its 200 day moving average is $3.52. The firm’s market cap is $672.34 million.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, May 5th. The biotechnology company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.16. The business had revenue of $28.70 million for the quarter, compared to the consensus estimate of $16.16 million. The company’s quarterly revenue was up 45.7% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.37) EPS. Equities analysts forecast that ImmunoGen will post ($1.30) earnings per share for the current year.

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Hedge funds have recently made changes to their positions in the stock. State Street Corp raised its stake in shares of ImmunoGen by 3.1% in the fourth quarter. State Street Corp now owns 1,526,398 shares of the biotechnology company’s stock worth $3,115,000 after buying an additional 45,628 shares during the last quarter. Federated Investors Inc. PA raised its stake in shares of ImmunoGen by 69.6% in the fourth quarter. Federated Investors Inc. PA now owns 108,104 shares of the biotechnology company’s stock worth $221,000 after buying an additional 44,353 shares during the last quarter. Norges Bank purchased a new stake in shares of ImmunoGen during the fourth quarter worth about $3,123,000. Teachers Advisors LLC raised its stake in shares of ImmunoGen by 10.6% in the fourth quarter. Teachers Advisors LLC now owns 209,859 shares of the biotechnology company’s stock worth $428,000 after buying an additional 20,171 shares during the last quarter. Finally, Creative Planning raised its stake in shares of ImmunoGen by 116.4% in the first quarter. Creative Planning now owns 53,444 shares of the biotechnology company’s stock worth $207,000 after buying an additional 28,744 shares during the last quarter. Hedge funds and other institutional investors own 73.93% of the company’s stock.

About ImmunoGen

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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Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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