Shares of ImmunoGen, Inc. (NASDAQ:IMGN) fell 5% during trading on Friday . The stock traded as low as $5.84 and last traded at $5.86. 3,259,244 shares changed hands during mid-day trading, a decline of 14% from the average session volume of 3,796,480 shares. The stock had previously closed at $6.17.
Several research firms have commented on IMGN. Canaccord Genuity set a $8.00 price target on ImmunoGen and gave the company a “buy” rating in a report on Monday, July 31st. Jefferies Group LLC restated a “buy” rating and issued a $9.00 price target on shares of ImmunoGen in a report on Thursday, October 12th. ValuEngine cut ImmunoGen from a “hold” rating to a “sell” rating in a report on Thursday, September 21st. Cantor Fitzgerald set a $5.00 price target on ImmunoGen and gave the company a “hold” rating in a report on Friday, July 28th. Finally, Cowen and Company restated a “hold” rating on shares of ImmunoGen in a report on Tuesday, August 29th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $8.05.
The stock’s market capitalization is $525.04 million. The stock has a 50 day moving average price of $6.92 and a 200 day moving average price of $5.74.
ImmunoGen (NASDAQ:IMGN) last posted its quarterly earnings results on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.07. The firm had revenue of $39.02 million for the quarter, compared to analysts’ expectations of $30.59 million. During the same period last year, the business earned ($0.53) earnings per share. The firm’s revenue for the quarter was up 426.6% on a year-over-year basis. On average, equities analysts expect that ImmunoGen, Inc. will post ($0.72) earnings per share for the current fiscal year.
In other news, VP Craig Barrows sold 14,600 shares of the firm’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $6.95, for a total transaction of $101,470.00. Following the completion of the sale, the vice president now directly owns 51,100 shares of the company’s stock, valued at approximately $355,145. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.51% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Envestnet Asset Management Inc. raised its stake in shares of ImmunoGen by 2.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 27,761 shares of the biotechnology company’s stock worth $107,000 after purchasing an additional 743 shares in the last quarter. Schwab Charles Investment Management Inc. raised its stake in shares of ImmunoGen by 0.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 331,898 shares of the biotechnology company’s stock worth $2,360,000 after purchasing an additional 1,919 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of ImmunoGen by 1.0% during the 2nd quarter. Fisher Asset Management LLC now owns 256,206 shares of the biotechnology company’s stock worth $1,822,000 after purchasing an additional 2,530 shares in the last quarter. Parametric Portfolio Associates LLC raised its stake in shares of ImmunoGen by 7.7% during the 1st quarter. Parametric Portfolio Associates LLC now owns 38,492 shares of the biotechnology company’s stock worth $149,000 after purchasing an additional 2,753 shares in the last quarter. Finally, American International Group Inc. raised its stake in shares of ImmunoGen by 7.1% during the 1st quarter. American International Group Inc. now owns 51,863 shares of the biotechnology company’s stock worth $201,000 after purchasing an additional 3,418 shares in the last quarter. 72.85% of the stock is owned by institutional investors.
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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. The Company is engaged in the discovery of monoclonal antibody-based anticancer therapeutics. 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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