Zacks: Brokerages Anticipate ImmunoGen, Inc. (IMGN) Will Announce Quarterly Sales of $23.69 Million
Equities research analysts expect ImmunoGen, Inc. (NASDAQ:IMGN) to announce sales of $23.69 million for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for ImmunoGen’s earnings. The highest sales estimate is $37.95 million and the lowest is $8.30 million. ImmunoGen reported sales of $7.66 million during the same quarter last year, which would suggest a positive year over year growth rate of 209.3%. The business is scheduled to announce its next quarterly earnings report on Friday, October 27th.
According to Zacks, analysts expect that ImmunoGen will report full year sales of $23.69 million for the current financial year, with estimates ranging from $115.10 million to $130.65 million. For the next fiscal year, analysts forecast that the company will report sales of $64.92 million per share, with estimates ranging from $51.60 million to $85.60 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for ImmunoGen.
ImmunoGen (NASDAQ:IMGN) last announced its quarterly earnings results on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.07. The firm had revenue of $39.02 million during the quarter, compared to analyst estimates of $30.59 million. During the same period last year, the firm earned ($0.53) EPS. ImmunoGen’s quarterly revenue was up 426.6% on a year-over-year basis.
A number of equities analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of ImmunoGen from a “hold” rating to a “sell” rating in a research note on Monday, July 10th. Royal Bank Of Canada raised shares of ImmunoGen from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $5.00 to $12.00 in a research note on Thursday, July 6th. Cantor Fitzgerald set a $5.00 target price on shares of ImmunoGen and gave the stock a “hold” rating in a research note on Friday, July 28th. Jefferies Group LLC reissued a “buy” rating and set a $6.00 target price on shares of ImmunoGen in a research note on Wednesday, June 28th. Finally, William Blair reissued an “outperform” rating on shares of ImmunoGen in a research note on Monday, June 26th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $7.72.
ImmunoGen (IMGN) opened at 5.72 on Tuesday. The firm’s market cap is $512.49 million. The stock has a 50 day moving average of $6.39 and a 200 day moving average of $4.47. ImmunoGen has a one year low of $1.51 and a one year high of $8.04.
A number of large investors have recently bought and sold shares of IMGN. Envestnet Asset Management Inc. increased 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. Gould Asset Management LLC CA bought a new stake in ImmunoGen during the second quarter valued at $107,000. Acadian Asset Management LLC bought a new stake in ImmunoGen during the first quarter valued at $117,000. Aperio Group LLC increased 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. Finally, Parametric Portfolio Associates LLC increased 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. 74.69% of the stock is owned by hedge funds and other institutional investors.
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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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