ImmunoGen, Inc. (NASDAQ:IMGN) saw a large growth in short interest in January. As of January 31st, there was short interest totalling 13,376,094 shares, a growth of 10.7% from the January 12th total of 12,085,660 shares. Currently, 10.3% of the company’s stock are short sold. Based on an average daily volume of 3,192,151 shares, the short-interest ratio is presently 4.2 days.
Hedge funds and other institutional investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership purchased a new position in ImmunoGen during the 2nd quarter worth approximately $102,000. Intl Fcstone Inc. purchased a new position in ImmunoGen during the 2nd quarter worth approximately $115,000. Raymond James Financial Services Advisors Inc. purchased a new position in ImmunoGen during the 2nd quarter worth approximately $126,000. Virginia Retirement Systems ET AL purchased a new position in ImmunoGen during the 3rd quarter worth approximately $136,000. Finally, SG Americas Securities LLC grew its stake in ImmunoGen by 75.7% during the 4th quarter. SG Americas Securities LLC now owns 18,416 shares of the biotechnology company’s stock worth $118,000 after buying an additional 7,937 shares during the last quarter. 67.88% of the stock is currently owned by institutional investors and hedge funds.
Shares of ImmunoGen (IMGN) traded up $0.15 during midday trading on Friday, hitting $8.91. The stock had a trading volume of 3,692,143 shares, compared to its average volume of 3,245,576. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of -0.03. ImmunoGen has a 1-year low of $2.31 and a 1-year high of $10.04. The firm has a market cap of $1,330.00, a price-to-earnings ratio of -6.59 and a beta of 2.50.
IMGN has been the topic of a number of analyst reports. Zacks Investment Research raised ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 price target on the stock in a research report on Tuesday, October 31st. Jefferies Group reissued a “buy” rating and set a $9.00 target price on shares of ImmunoGen in a research report on Thursday, October 12th. BidaskClub raised ImmunoGen from a “hold” rating to a “buy” rating in a research report on Thursday, January 18th. Cantor Fitzgerald reissued a “hold” rating and set a $5.00 target price on shares of ImmunoGen in a research report on Friday, November 3rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $12.00 target price on shares of ImmunoGen in a research report on Thursday. Two research analysts have rated the stock with a sell rating, two have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $7.83.
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ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. 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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