Zacks Investment Research downgraded shares of ImmunoGen (NASDAQ:IMGN) from a buy rating to a hold rating in a research report released 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.”
IMGN has been the topic of a number of other reports. BidaskClub upgraded shares of ImmunoGen from a buy rating to a strong-buy rating in a research note on Friday, February 9th. Cantor Fitzgerald reiterated a hold rating and set a $5.00 price target on shares of ImmunoGen in a research note on Friday, November 3rd. HC Wainwright began coverage on shares of ImmunoGen in a research note on Wednesday, January 31st. They set a buy rating on the stock. Finally, Royal Bank of Canada reiterated an outperform rating and set a $12.00 price target on shares of ImmunoGen in a research note on Thursday, February 8th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $9.10.
Shares of ImmunoGen (IMGN) opened at $11.27 on Wednesday. The company has a debt-to-equity ratio of -0.03, a quick ratio of 2.78 and a current ratio of 2.81. The stock has a market cap of $1,408.46, a PE ratio of -11.05 and a beta of 2.50. ImmunoGen has a one year low of $2.40 and a one year high of $11.61.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings results 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 the consensus estimate of $39.62 million. ImmunoGen’s revenue for the quarter was up 185.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.39) EPS. sell-side analysts anticipate that ImmunoGen will post -1.05 EPS 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 $2,436,103.67. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 6.51% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership purchased a new stake in shares of ImmunoGen during the second quarter worth approximately $102,000. Intl Fcstone Inc. purchased a new stake in shares of ImmunoGen during the second quarter worth approximately $115,000. SG Americas Securities LLC increased its stake in shares of ImmunoGen by 75.7% during the fourth 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 period. Raymond James Financial Services Advisors Inc. purchased a new stake in shares of ImmunoGen during the second quarter worth approximately $126,000. Finally, Virginia Retirement Systems ET AL purchased a new stake in shares of ImmunoGen during the third quarter worth approximately $136,000. Hedge funds and other institutional investors own 67.97% 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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