Stock Traders Buy Large Volume of Put Options on ImmunoGen (IMGN)

ImmunoGen, Inc. (NASDAQ:IMGN) was the target of some unusual options trading activity on Tuesday. Stock traders acquired 634 put options on the company. This represents an increase of 1,119% compared to the average volume of 52 put options.

Shares of ImmunoGen (NASDAQ IMGN) opened at $8.01 on Friday. The company has a market cap of $1,240.00, a P/E ratio of -6.16 and a beta of 2.20. The company has a debt-to-equity ratio of -0.03, a current ratio of 2.81 and a quick ratio of 2.78. ImmunoGen has a 12 month low of $2.20 and a 12 month high of $8.84.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, November 3rd. The biotechnology company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.42). The company had revenue of $8.50 million for the quarter, compared to the consensus estimate of $26.09 million. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.51) EPS. analysts anticipate that ImmunoGen will post -0.97 earnings per share for the current fiscal year.

A number of analysts have recently weighed in on the stock. BidaskClub upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating in a report on Thursday. Jefferies Group restated a “buy” rating and issued a $9.00 price target on shares of ImmunoGen in a report on Thursday, October 12th. Cantor Fitzgerald restated a “hold” rating and issued a $5.00 price target on shares of ImmunoGen in a report on Monday, September 25th. ValuEngine cut shares of ImmunoGen from a “hold” rating to a “sell” rating in a report on Thursday, September 21st. Finally, Zacks Investment Research upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research note on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the stock. ImmunoGen currently has an average rating of “Hold” and a consensus target price of $7.83.

A number of hedge funds have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. boosted its stake in ImmunoGen by 18.5% in the 4th quarter. Schwab Charles Investment Management Inc. now owns 522,964 shares of the biotechnology company’s stock worth $3,353,000 after purchasing an additional 81,519 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in ImmunoGen during the 3rd quarter valued at approximately $143,000. Perceptive Advisors LLC acquired a new stake in ImmunoGen during the 3rd quarter valued at approximately $536,000. Allianz Asset Management GmbH acquired a new stake in ImmunoGen during the 3rd quarter valued at approximately $1,780,000. Finally, Trexquant Investment LP lifted its stake in ImmunoGen by 220.0% during the 3rd quarter. Trexquant Investment LP now owns 104,633 shares of the biotechnology company’s stock valued at $800,000 after acquiring an additional 71,936 shares during the period. Institutional investors own 68.02% of the company’s stock.

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ImmunoGen Company Profile

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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