ImmunoGen, Inc. (IMGN) Sees Significant Decline in Short Interest

ImmunoGen, Inc. (NASDAQ:IMGN) saw a large drop in short interest in January. As of January 31st, there was short interest totalling 14,513,485 shares, a drop of 10.7% from the January 15th total of 16,243,883 shares. Based on an average daily volume of 2,187,592 shares, the days-to-cover ratio is presently 6.6 days. Currently, 9.9% of the shares of the company are sold short.

Several hedge funds have recently added to or reduced their stakes in IMGN. FMR LLC raised its position in shares of ImmunoGen by 34.0% during the second quarter. FMR LLC now owns 8,704,234 shares of the biotechnology company’s stock worth $84,692,000 after acquiring an additional 2,208,796 shares during the last quarter. BlackRock Inc. raised its position in shares of ImmunoGen by 10.0% during the third quarter. BlackRock Inc. now owns 11,481,977 shares of the biotechnology company’s stock worth $108,733,000 after acquiring an additional 1,045,627 shares during the last quarter. Marshall Wace North America L.P. bought a new stake in shares of ImmunoGen during the third quarter worth $4,044,000. Vanguard Group Inc raised its position in shares of ImmunoGen by 4.0% during the third quarter. Vanguard Group Inc now owns 10,158,434 shares of the biotechnology company’s stock worth $96,201,000 after acquiring an additional 390,917 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of ImmunoGen by 4.0% during the third quarter. Vanguard Group Inc. now owns 10,158,434 shares of the biotechnology company’s stock worth $96,201,000 after acquiring an additional 390,917 shares during the last quarter. Institutional investors own 83.71% of the company’s stock.

Several brokerages have recently weighed in on IMGN. BidaskClub lowered ImmunoGen from a “sell” rating to a “strong sell” rating in a report on Thursday, January 31st. ValuEngine lowered ImmunoGen from a “hold” rating to a “sell” rating in a report on Friday. HC Wainwright set a $18.00 price objective on ImmunoGen and gave the stock a “buy” rating in a report on Wednesday, October 31st. Piper Jaffray Companies set a $14.00 price objective on ImmunoGen and gave the stock a “buy” rating in a report on Sunday, December 2nd. Finally, William Blair reissued an “outperform” rating on shares of ImmunoGen in a report on Monday, October 22nd. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $14.60.

ImmunoGen stock opened at $5.79 on Tuesday. The company has a current ratio of 4.59, a quick ratio of 4.56 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $845.34 million, a price-to-earnings ratio of -4.91 and a beta of 2.36. ImmunoGen has a 52 week low of $3.80 and a 52 week high of $13.41.

ImmunoGen (NASDAQ:IMGN) last posted its quarterly earnings data on Friday, February 8th. The biotechnology company reported ($0.28) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.05. The company had revenue of $13.79 million for the quarter, compared to analyst estimates of $12.42 million. ImmunoGen had a negative return on equity of 499.19% and a negative net margin of 311.94%. The business’s revenue was down 65.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.11) earnings per share. Research analysts anticipate that ImmunoGen will post -1.21 earnings per share for the current year.

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ImmunoGen Company Profile

ImmunoGen, Inc, a clinical-stage biotechnology company, focuses on developing antibody-drug conjugate (ADC) therapies to treat cancer. Its product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha, which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm, as well as coltuximab ravtansine, a CD19-targeting ADC, which is in Phase II trial for DLBCL.

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