ImmunoGen, Inc. (NASDAQ:IMGN) Cut to Buy at BidaskClub
ImmunoGen, Inc. (NASDAQ:IMGN) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Wednesday.
Other analysts have also recently issued reports about the stock. Jefferies Group LLC reissued a “buy” rating and set a $6.00 price target on shares of ImmunoGen in a research note on Wednesday, April 12th. Canaccord Genuity set a $6.00 price target on shares of ImmunoGen and gave the company a “buy” rating in a research note on Saturday, May 6th. Zacks Investment Research raised shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $7.75 price target on the stock in a research note on Tuesday, June 27th. Cantor Fitzgerald set a $5.00 price target on shares of ImmunoGen and gave the company a “hold” rating in a research note on Sunday, June 4th. Finally, Cowen and Company restated a “hold” rating on shares of ImmunoGen in a report on Saturday, May 6th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $6.76.
Shares of ImmunoGen (IMGN) traded down 4.07% during trading on Wednesday, reaching $5.66. The company’s stock had a trading volume of 3,919,682 shares. The company’s 50-day moving average price is $5.94 and its 200 day moving average price is $4.05. The stock’s market capitalization is $505.71 million. ImmunoGen has a 1-year low of $1.51 and a 1-year high of $8.04.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, May 5th. The biotechnology company reported ($0.20) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.36) by $0.16. The firm had revenue of $28.70 million for the quarter, compared to the consensus estimate of $16.16 million. ImmunoGen’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) earnings per share. Analysts anticipate that ImmunoGen will post ($1.18) EPS for the current year.
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A number of institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. raised its stake in ImmunoGen by 2.8% in the first quarter. Envestnet Asset Management Inc. now owns 27,761 shares of the biotechnology company’s stock valued at $107,000 after buying an additional 743 shares during the period. Acadian Asset Management LLC purchased a new stake in ImmunoGen during the first quarter valued at $117,000. Aperio Group LLC raised its stake in ImmunoGen by 45.1% in the second quarter. Aperio Group LLC now owns 16,797 shares of the biotechnology company’s stock valued at $119,000 after buying an additional 5,221 shares during the period. Parametric Portfolio Associates LLC raised its stake in ImmunoGen by 7.7% in the first quarter. Parametric Portfolio Associates LLC now owns 38,492 shares of the biotechnology company’s stock valued at $149,000 after buying an additional 2,753 shares during the period. Finally, Stephens Inc. AR purchased a new stake in ImmunoGen during the first quarter valued at $152,000. Institutional investors and hedge funds own 73.93% of the company’s stock.
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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