ImmunoGen (NASDAQ:IMGN) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research downgraded shares of ImmunoGen (NASDAQ:IMGN) from a buy rating to a hold rating in a research report released on Wednesday, February 14th.

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.”

A number of other research analysts have also issued reports on the company. Cantor Fitzgerald reaffirmed a hold rating and set a $5.00 target price on shares of ImmunoGen in a report on Friday, November 3rd. HC Wainwright initiated coverage on ImmunoGen in a report on Wednesday, January 31st. They set a buy rating on the stock. BidaskClub raised ImmunoGen from a hold rating to a buy rating in a research note on Thursday, January 18th. Finally, Royal Bank of Canada reissued an outperform rating and issued 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 given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and an average target price of $9.10.

ImmunoGen (NASDAQ:IMGN) traded up $0.33 during mid-day trading on Wednesday, reaching $11.19. The company’s stock had a trading volume of 2,654,575 shares, compared to its average volume of 3,814,184. ImmunoGen has a 12 month low of $2.51 and a 12 month high of $12.05. The company has a debt-to-equity ratio of -0.03, a current ratio of 2.81 and a quick ratio of 2.78. The company has a market capitalization of $1,436.23, a PE ratio of -10.97 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 for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). The company had revenue of $39.40 million for the quarter, compared to analyst estimates of $39.62 million. The firm’s quarterly revenue was up 185.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.39) EPS. analysts predict that ImmunoGen will post -1.09 EPS for the current fiscal year.

In other news, Director Daniel M. Junius sold 46,667 shares of the company’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $10.01, for a total transaction of $467,136.67. Following the completion of the transaction, the director now directly owns 243,367 shares in the company, valued at $2,436,103.67. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel M. Junius sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $11.68, for a total value of $292,000.00. Following the transaction, the director now owns 196,700 shares of the company’s stock, valued at $2,297,456. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 197,834 shares of company stock valued at $2,118,633. 6.51% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. FMR LLC increased its position in shares of ImmunoGen by 598.9% during the second quarter. FMR LLC now owns 5,605,285 shares of the biotechnology company’s stock valued at $39,854,000 after purchasing an additional 4,803,256 shares during the period. BlackRock Inc. increased its position in shares of ImmunoGen by 54.7% during the fourth quarter. BlackRock Inc. now owns 8,470,097 shares of the biotechnology company’s stock valued at $54,294,000 after purchasing an additional 2,996,116 shares during the period. Redmile Group LLC increased its position in shares of ImmunoGen by 35.3% during the fourth quarter. Redmile Group LLC now owns 10,906,962 shares of the biotechnology company’s stock valued at $69,914,000 after purchasing an additional 2,845,465 shares during the period. State Street Corp increased its position in shares of ImmunoGen by 159.1% during the second quarter. State Street Corp now owns 4,141,583 shares of the biotechnology company’s stock valued at $29,450,000 after purchasing an additional 2,542,876 shares during the period. Finally, Two Sigma Investments LP increased its position in shares of ImmunoGen by 168.9% during the fourth quarter. Two Sigma Investments LP now owns 1,020,089 shares of the biotechnology company’s stock valued at $6,539,000 after purchasing an additional 640,669 shares during the period. Institutional investors own 70.99% 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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