Shares of ImmunoGen, Inc. (NASDAQ:IMGN) were down 12.6% during mid-day trading on Monday . The company traded as low as $8.32 and last traded at $8.53. Approximately 6,219,993 shares were traded during mid-day trading, an increase of 95% from the average daily volume of 3,195,975 shares. The stock had previously closed at $9.76.
A number of analysts have recently issued reports on IMGN shares. BidaskClub raised shares of ImmunoGen from a “hold” rating to a “buy” rating in a research report on Thursday, January 18th. HC Wainwright started coverage on shares of ImmunoGen in a research report on Wednesday, January 31st. They issued a “buy” rating for the company. Cantor Fitzgerald reissued a “hold” rating and issued a $5.00 price target on shares of ImmunoGen in a research report on Friday, November 3rd. Jefferies Group reissued a “buy” rating and issued a $9.00 price target on shares of ImmunoGen in a research report on Thursday, October 12th. Finally, Zacks Investment Research raised shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a research report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $7.83.
The firm has a market cap of $1,320.00, a PE ratio of -6.56 and a beta of 2.50. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of -0.03.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, November 3rd. The biotechnology company reported ($0.61) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.42). The company had revenue of $8.50 million for the quarter, compared to analysts’ expectations of $26.09 million. The business’s quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.51) earnings per share. equities analysts forecast that ImmunoGen, Inc. will post -0.97 EPS for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of IMGN. FMR LLC raised its position in 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 acquiring an additional 4,803,256 shares in the last quarter. State Street Corp grew its holdings in 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 last quarter. Redmile Group LLC grew its holdings in ImmunoGen by 30.8% during the second quarter. Redmile Group LLC now owns 5,212,736 shares of the biotechnology company’s stock valued at $37,063,000 after purchasing an additional 1,228,002 shares during the last quarter. Chicago Equity Partners LLC grew its holdings in ImmunoGen by 124.7% during the third quarter. Chicago Equity Partners LLC now owns 490,635 shares of the biotechnology company’s stock valued at $3,753,000 after purchasing an additional 272,315 shares during the last quarter. Finally, Allianz Asset Management GmbH acquired a new position in ImmunoGen during the third quarter valued at approximately $1,780,000. 67.88% of the stock is currently owned by hedge funds and other institutional investors.
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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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