Jefferies Group LLC Reaffirms “Buy” Rating for ImmunoGen, Inc. (IMGN)
ImmunoGen, Inc. (NASDAQ:IMGN)‘s stock had its “buy” rating reissued by equities research analysts at Jefferies Group LLC in a research report issued on Monday. They presently have a $9.00 target price on the biotechnology company’s stock. Jefferies Group LLC’s price objective would suggest a potential upside of 60.43% from the stock’s previous close.
A number of other research firms also recently commented on IMGN. William Blair restated an “outperform” rating on shares of ImmunoGen in a research report on Monday, June 26th. Cantor Fitzgerald set a $5.00 price target on shares of ImmunoGen and gave the stock a “hold” rating in a research report on Sunday, June 4th. BidaskClub downgraded shares of ImmunoGen from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Zacks Investment Research upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $7.75 price target on the stock in a research report on Tuesday, June 27th. Finally, Canaccord Genuity set a $6.00 price target on shares of ImmunoGen and gave the stock a “buy” rating in a research report on Friday, May 19th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $7.72.
ImmunoGen (IMGN) opened at 5.61 on Monday. The firm’s market capitalization is $489.05 million. ImmunoGen has a 12 month low of $1.51 and a 12 month high of $8.04. The firm’s 50-day moving average is $6.27 and its 200 day moving average is $4.27.
ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings results on Friday, July 28th. The biotechnology company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.07. The company had revenue of $39.02 million for the quarter, compared to the consensus estimate of $30.59 million. During the same quarter last year, the firm posted ($0.53) earnings per share. The firm’s quarterly revenue was up 426.6% compared to the same quarter last year. Equities analysts predict that ImmunoGen will post ($0.84) earnings per share for the current year.
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Several institutional investors have recently made changes to their positions in IMGN. Clearbridge Investments LLC boosted its position in shares of ImmunoGen by 6.5% in the first quarter. Clearbridge Investments LLC now owns 14,428,856 shares of the biotechnology company’s stock valued at $55,840,000 after buying an additional 884,524 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of ImmunoGen by 0.7% in the first quarter. Vanguard Group Inc. now owns 4,110,431 shares of the biotechnology company’s stock valued at $15,907,000 after buying an additional 27,141 shares in the last quarter. Redmile Group LLC acquired a new position in shares of ImmunoGen during the first quarter valued at about $15,421,000. Norges Bank acquired a new position in shares of ImmunoGen during the fourth quarter valued at about $3,123,000. Finally, State Street Corp boosted its position 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 valued at $3,115,000 after buying an additional 45,628 shares in the last quarter. 74.38% of the stock is currently owned by institutional investors.
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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