ImmunoGen (IMGN) Stock Rating Upgraded by Zacks Investment Research

ImmunoGen (NASDAQ:IMGN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Monday.

According to Zacks, “ImmunoGen reported wider-than-expected loss in the fourth quarter of 2017. However, revenues increased massively year-over-year. The company has made a significant progress with regard to its lead ovarian cancer candidate, mirvetuximab soravtansine. Successful development and subsequent approval of the candidate will be a huge boost to the company as the ovarian cancer market has immense potential. The company has collaborations with big healthcare companies which not only validate its technology but also provides it with funds in the form of milestone and royalty payments. However, ImmunoGen is heavily dependent on its lead candidate, mirvetuximab soravtansine. Hence, any kind of development or a regulatory setback could hamper the stock. The ovarian cancer space being competitive is also a matter of concern for the company. The company’s shares have outperformed the broader industry in a year's time.”

A number of other research firms have also recently weighed in on IMGN. ValuEngine upgraded shares of ImmunoGen from a “sell” rating to a “hold” rating in a report on Thursday, February 22nd. HC Wainwright set a $18.00 price target on shares of ImmunoGen and gave the company a “buy” rating in a report on Monday, March 12th. Royal Bank of Canada reiterated an “outperform” rating and issued a $12.00 target price on shares of ImmunoGen in a research note on Thursday, February 8th. Finally, BidaskClub upgraded shares of ImmunoGen from a “buy” rating to a “strong-buy” rating in a research note on Friday, February 9th. Four research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $10.21.

Shares of ImmunoGen stock opened at $12.32 on Monday. ImmunoGen has a 1-year low of $2.84 and a 1-year high of $12.87. The firm has a market cap of $1,623.38, a PE ratio of -12.08 and a beta of 2.17. The company has a debt-to-equity ratio of -0.11, a current ratio of 4.95 and a quick ratio of 4.94.

ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings results on Friday, February 9th. The biotechnology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). The firm had revenue of $39.40 million for the quarter, compared to analyst estimates of $39.62 million. During the same quarter in the prior year, the company earned ($0.39) EPS. The business’s quarterly revenue was up 185.5% on a year-over-year basis. sell-side analysts predict that ImmunoGen will post -1.09 earnings per share for the current fiscal year.

In other ImmunoGen news, Director Daniel M. Junius sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, March 16th. The shares were sold at an average price of $12.02, for a total transaction of $300,500.00. Following the completion of the transaction, the director now directly owns 209,987 shares of the company’s stock, valued at approximately $2,524,043.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Brannon Johnston sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 15th. The stock was sold at an average price of $11.53, for a total transaction of $115,300.00. Following the transaction, the chief financial officer now directly owns 190,690 shares of the company’s stock, valued at $2,198,655.70. The disclosure for this sale can be found here. Insiders sold a total of 232,834 shares of company stock valued at $2,534,433 over the last quarter. 6.51% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of IMGN. SG Americas Securities LLC raised its position in ImmunoGen by 75.7% during the 4th quarter. SG Americas Securities LLC now owns 18,416 shares of the biotechnology company’s stock worth $118,000 after buying an additional 7,937 shares during the last quarter. Virginia Retirement Systems ET AL purchased a new position in ImmunoGen during the 3rd quarter worth approximately $136,000. Cubist Systematic Strategies LLC purchased a new position in ImmunoGen during the 3rd quarter worth approximately $143,000. Engineers Gate Manager LP purchased a new position in ImmunoGen during the 4th quarter worth approximately $149,000. Finally, Dynamic Advisors Solutions LLC purchased a new position in ImmunoGen during the 4th quarter worth approximately $150,000. 78.25% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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