State Street Corp lifted its position in ImmunoGen, Inc. (NASDAQ:IMGN) by 159.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,141,583 shares of the biotechnology company’s stock after buying an additional 2,542,876 shares during the period. State Street Corp owned approximately 4.62% of ImmunoGen worth $29,450,000 as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of IMGN. Bank of New York Mellon Corp grew its position in shares of ImmunoGen by 15.4% in the 1st quarter. Bank of New York Mellon Corp now owns 438,917 shares of the biotechnology company’s stock worth $1,698,000 after buying an additional 58,516 shares during the last quarter. UBS Asset Management Americas Inc. grew its position in shares of ImmunoGen by 148.6% in the 1st quarter. UBS Asset Management Americas Inc. now owns 68,097 shares of the biotechnology company’s stock worth $264,000 after buying an additional 40,700 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in shares of ImmunoGen in the 1st quarter worth approximately $1,528,000. Parametric Portfolio Associates LLC grew its position in shares of ImmunoGen by 7.7% in the 1st quarter. Parametric Portfolio Associates LLC now owns 38,492 shares of the biotechnology company’s stock worth $149,000 after buying an additional 2,753 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in shares of ImmunoGen by 37,346.0% in the 1st quarter. JPMorgan Chase & Co. now owns 187,230 shares of the biotechnology company’s stock worth $725,000 after buying an additional 186,730 shares during the last quarter. 72.99% of the stock is currently owned by hedge funds and other institutional investors.
In other ImmunoGen news, VP Craig Barrows sold 14,600 shares of the business’s stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $6.95, for a total transaction of $101,470.00. Following the sale, the vice president now owns 51,100 shares of the company’s stock, valued at approximately $355,145. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 6.51% of the stock is currently owned by insiders.
A number of research analysts have recently issued reports on the stock. Canaccord Genuity reaffirmed a “buy” rating and issued a $10.00 price objective (up previously from $8.00) on shares of ImmunoGen in a research report on Wednesday, August 30th. Cowen and Company reaffirmed a “hold” rating on shares of ImmunoGen in a research report on Tuesday, August 29th. Cantor Fitzgerald set a $5.00 price objective on shares of ImmunoGen and gave the stock a “hold” rating in a research report on Friday, July 28th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $9.00 price objective on shares of ImmunoGen in a research report on Thursday, October 12th. Finally, ValuEngine downgraded shares of ImmunoGen from a “hold” rating to a “sell” rating in a research report on Thursday, September 21st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. ImmunoGen presently has a consensus rating of “Hold” and an average target price of $7.83.
Shares of ImmunoGen, Inc. (NASDAQ:IMGN) opened at $6.18 on Friday. ImmunoGen, Inc. has a 12-month low of $1.53 and a 12-month high of $8.84. The company has a quick ratio of 2.34, a current ratio of 2.40 and a debt-to-equity ratio of -0.56.
ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, November 3rd. The biotechnology company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.42). The business had revenue of $8.50 million for the quarter, compared to the consensus estimate of $26.09 million. The company’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.51) earnings per share. analysts expect that ImmunoGen, Inc. will post -0.95 earnings per share for the current year.
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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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