ImmunoGen (NASDAQ:IMGN) received a $5.00 price target from analysts at Cantor Fitzgerald in a research note issued to investors on Sunday. The brokerage currently has a “hold” rating on the biotechnology company’s stock. Cantor Fitzgerald’s target price points to a potential downside of 49.95% from the stock’s current price.
IMGN has been the topic of a number of other reports. ValuEngine upgraded shares of ImmunoGen from a “sell” rating to a “hold” rating in a research report on Wednesday, March 7th. Zacks Investment Research lowered shares of ImmunoGen from a “buy” rating to a “hold” rating in a research report on Wednesday, February 14th. BidaskClub upgraded shares of ImmunoGen from a “buy” rating to a “strong-buy” rating in a research report on Friday, February 9th. HC Wainwright assumed coverage on shares of ImmunoGen in a research report on Wednesday, January 31st. They set a “buy” rating on the stock. Finally, Royal Bank of Canada upped their target price on shares of ImmunoGen to $16.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 21st. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. ImmunoGen presently has an average rating of “Buy” and a consensus target price of $10.79.
Shares of ImmunoGen stock opened at $9.99 on Friday. The company has a current ratio of 4.95, a quick ratio of 4.94 and a debt-to-equity ratio of -0.11. ImmunoGen has a 1-year low of $2.84 and a 1-year high of $13.41.
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 the Thomson Reuters’ consensus estimate of ($0.07) by ($0.03). The business had revenue of $39.40 million for 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 quarter last year, the company earned ($0.39) earnings per share. sell-side analysts forecast that ImmunoGen will post -1.09 earnings per share for the current fiscal year.
In related news, CEO Mark J. Enyedy sold 67,717 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $10.87, for a total value of $736,083.79. Following the transaction, the chief executive officer now directly owns 532,383 shares in the company, valued at $5,787,003.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO David Brannon Johnston sold 21,060 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $10.87, for a total transaction of $228,922.20. Following the completion of the transaction, the chief financial officer now owns 180,690 shares in the company, valued at $1,964,100.30. The disclosure for this sale can be found here. Insiders sold 229,930 shares of company stock worth $2,515,150 over the last 90 days. 6.51% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in IMGN. Schwab Charles Investment Management Inc. raised its holdings in ImmunoGen by 33.0% in the third quarter. Schwab Charles Investment Management Inc. now owns 441,445 shares of the biotechnology company’s stock worth $3,378,000 after purchasing an additional 109,547 shares during the period. Sphera Funds Management LTD. acquired a new stake in ImmunoGen in the fourth quarter worth $3,205,000. Virtus Fund Advisers LLC acquired a new stake in ImmunoGen in the fourth quarter worth $346,000. Swiss National Bank raised its holdings in ImmunoGen by 16.6% in the fourth quarter. Swiss National Bank now owns 161,200 shares of the biotechnology company’s stock worth $1,033,000 after purchasing an additional 23,000 shares during the period. Finally, TD Asset Management Inc. acquired a new stake in ImmunoGen in the third quarter worth $286,000. Institutional investors and hedge funds own 78.25% of the company’s stock.
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ImmunoGen, Inc, a clinical-stage biotechnology company, focuses on developing antibody-drug conjugate (ADC) therapies to treat cancer. Its product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha, which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm, as well as coltuximab ravtansine, a CD19-targeting ADC, which is in Phase II trial for DLBCL.
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