ImmunoGen (IMGN) Rating Lowered to Hold at Zacks Investment Research

ImmunoGen (NASDAQ:IMGN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

According to Zacks, “ImmunoGen reported wider-than-expected loss in the fourth quarter of 2017. However, revenues increased massively Year-over-year. The company has made a significant progress with regard to its lead ovarian cancer candidate, mirvetuximab soravtansine. Successful development and subsequent approval of the candidate will be a huge boost to the company as the ovarian cancer market has immense potential. The company has collaborations with big healthcare companies which not only validate its technology but also provides it with funds in the form of milestone and royalty payments. However, ImmunoGen is heavily dependent on its lead candidate, mirvetuximab soravtansine. Hence, any kind of development or a regulatory setback could hamper the stock. The ovarian cancer space being competitive is also a matter of concern for the company. The company’s shares have outperformed the broader industry in a year’s time.”

Other equities research analysts also recently issued reports about the stock. HC Wainwright set a $18.00 price objective on shares of ImmunoGen and gave the stock a “buy” rating in a research report on Monday. BidaskClub raised shares of 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, February 8th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $9.10.

Shares of ImmunoGen (IMGN) traded down $0.74 during mid-day trading on Wednesday, reaching $9.80. 5,240,200 shares of the company’s stock were exchanged, compared to its average volume of 3,304,313. ImmunoGen has a twelve month low of $2.40 and a twelve month high of $10.66. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of -0.03. The company has a market cap of $1,394.58, a P/E ratio of -9.61 and a beta of 2.50.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, February 9th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.03). The business had revenue of $39.40 million for the quarter, compared to analyst estimates of $39.62 million. During the same period last year, the firm earned ($0.39) earnings per share. The business’s quarterly revenue was up 185.5% compared to the same quarter last year. research analysts predict that ImmunoGen will post -1.01 earnings per share for the current fiscal year.

In related news, Director Daniel M. Junius sold 46,667 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $10.01, for a total transaction of $467,136.67. Following the sale, the director now directly owns 243,367 shares in the company, valued at approximately $2,436,103.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 6.51% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wade G W & Inc. purchased a new stake in ImmunoGen in the 2nd quarter worth approximately $102,000. Arrowstreet Capital Limited Partnership purchased a new stake in ImmunoGen in the 2nd quarter worth approximately $102,000. Envestnet Asset Management Inc. lifted its stake in ImmunoGen by 2.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 27,761 shares of the biotechnology company’s stock worth $107,000 after purchasing an additional 743 shares in the last quarter. Gould Asset Management LLC CA purchased a new stake in shares of ImmunoGen during the 2nd quarter valued at $107,000. Finally, Intl Fcstone Inc. purchased a new stake in shares of ImmunoGen during the 2nd quarter valued at $115,000. Institutional investors and hedge funds own 67.97% of the company’s stock.

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About ImmunoGen

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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