JPMorgan Chase & Co. lowered shares of ImmunoGen (NASDAQ:IMGN) from a neutral rating to an underweight rating in a report released on Tuesday, MarketBeat Ratings reports.
A number of other brokerages also recently commented on IMGN. HC Wainwright downgraded shares of ImmunoGen from a buy rating to a neutral rating and reduced their target price for the stock from $18.00 to $3.50 in a report on Monday, March 4th. BidaskClub downgraded shares of ImmunoGen from a sell rating to a strong sell rating in a report on Thursday, January 31st. ValuEngine downgraded shares of ImmunoGen from a hold rating to a sell rating in a report on Friday, February 8th. Svb Leerink downgraded shares of ImmunoGen from an outperform rating to a market perform rating in a report on Monday, March 4th. Finally, Cowen reiterated a hold rating on shares of ImmunoGen in a report on Friday, March 1st. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $8.28.
Shares of ImmunoGen stock opened at $2.53 on Tuesday. The stock has a market capitalization of $386.97 million, a price-to-earnings ratio of -2.14 and a beta of 2.30. The company has a quick ratio of 3.95, a current ratio of 3.95 and a debt-to-equity ratio of 0.19. ImmunoGen has a one year low of $2.27 and a one year high of $13.41.
ImmunoGen (NASDAQ:IMGN) last announced its earnings results on Friday, February 8th. The biotechnology company reported ($0.28) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.05. The business had revenue of $13.79 million during the quarter, compared to the consensus estimate of $12.42 million. ImmunoGen had a negative net margin of 311.94% and a negative return on equity of 599.63%. The firm’s revenue was down 65.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.11) earnings per share. On average, sell-side analysts anticipate that ImmunoGen will post -1.29 EPS for the current year.
In other news, VP Thomas Ryll sold 11,495 shares of the company’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $5.60, for a total transaction of $64,372.00. Following the transaction, the vice president now owns 87,184 shares in the company, valued at $488,230.40. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark J. Enyedy sold 51,070 shares of the company’s stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $5.60, for a total transaction of $285,992.00. Following the transaction, the chief executive officer now owns 483,768 shares in the company, valued at approximately $2,709,100.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 65,603 shares of company stock worth $366,374. Corporate insiders own 4.44% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC boosted its position in ImmunoGen by 6.0% in the 4th quarter. Geode Capital Management LLC now owns 1,717,770 shares of the biotechnology company’s stock worth $8,245,000 after purchasing an additional 96,984 shares in the last quarter. Norges Bank purchased a new stake in ImmunoGen in the 4th quarter worth approximately $2,056,000. Sofinnova Investments Inc. purchased a new stake in ImmunoGen in the 4th quarter worth approximately $2,146,000. Amalgamated Bank purchased a new stake in ImmunoGen in the 4th quarter worth approximately $104,000. Finally, grace capital boosted its position in ImmunoGen by 73.4% in the 4th quarter. grace capital now owns 68,500 shares of the biotechnology company’s stock worth $329,000 after purchasing an additional 29,000 shares in the last quarter. Hedge funds and other institutional investors own 81.91% of the company’s stock.
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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