ImmunoGen (IMGN) Shares Down 7% on Insider Selling

ImmunoGen, Inc. (NASDAQ:IMGN) shares dropped 7% on Thursday after an insider sold shares in the company. The stock traded as low as $10.69 and last traded at $10.86. Approximately 4,158,771 shares traded hands during mid-day trading, an increase of 21% from the average daily volume of 3,422,996 shares. The stock had previously closed at $11.68.

Specifically, Director Daniel M. Junius sold 46,667 shares of the company’s stock in a transaction 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 sale, the director now directly owns 243,367 shares in the company, valued at approximately $2,436,103.67. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mark J. Enyedy sold 67,717 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $10.87, for a total value of $736,083.79. Following the sale, the chief executive officer now owns 532,383 shares of the company’s stock, valued at $5,787,003.21. 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. Corporate insiders own 6.51% of the company’s stock.

Several analysts recently weighed in on the company. Zacks Investment Research downgraded ImmunoGen from a “hold” rating to a “sell” rating in a research report on Friday. ValuEngine upgraded ImmunoGen from a “sell” rating to a “hold” rating in a research report on Thursday. HC Wainwright set a $18.00 price objective on ImmunoGen and gave the stock a “buy” rating in a research report on Monday, February 12th. BidaskClub upgraded ImmunoGen from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 9th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $12.00 price objective on shares of ImmunoGen in a research report 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 given a strong buy rating to the stock. ImmunoGen has a consensus rating of “Buy” and an average price target of $9.10.

The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of -0.03. The company has a market cap of $1,480.00, a PE ratio of -10.97 and a beta of 2.50.

ImmunoGen (NASDAQ:IMGN) last posted its earnings results on Friday, February 9th. The biotechnology company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.03). The business had revenue of $39.40 million during the quarter, compared to analysts’ expectations of $39.62 million. The company’s revenue was up 185.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.39) EPS. analysts predict that ImmunoGen, Inc. will post -1.05 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of IMGN. BlackRock Inc. raised its position in ImmunoGen by 54.7% in 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 last quarter. Redmile Group LLC raised its position in ImmunoGen by 35.3% in 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 last quarter. State Street Corp raised its position in ImmunoGen by 159.1% in 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 last quarter. Two Sigma Investments LP raised its position in ImmunoGen by 168.9% in 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 last quarter. Finally, Two Sigma Advisers LP bought a new position in ImmunoGen in the fourth quarter valued at about $3,805,000. Hedge funds and other institutional investors own 70.99% of the company’s stock.

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About ImmunoGen

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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