ImmunoGen (IMGN) Trading Up -4%

ImmunoGen, Inc. (NASDAQ:IMGN)’s share price was up 4% during mid-day trading on Tuesday . The stock traded as high as $7.03 and last traded at $6.41. Approximately 2,024,000 shares changed hands during mid-day trading, a decline of 29% from the average daily volume of 2,861,662 shares. The stock had previously closed at $6.68.

Several equities research analysts have recently commented on IMGN shares. Zacks Investment Research upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 price objective for the company in a research note on Tuesday, October 31st. Jefferies Group restated a “buy” rating and set a $9.00 target price on shares of ImmunoGen in a research report on Thursday, October 12th. Cantor Fitzgerald restated a “hold” rating and set a $5.00 target price on shares of ImmunoGen in a research report on Friday, November 3rd. Finally, ValuEngine downgraded shares of ImmunoGen from a “hold” rating to a “sell” rating in a research report on Thursday, September 21st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have issued a buy rating to the company’s stock. ImmunoGen has an average rating of “Hold” and a consensus price target of $7.83.

The firm has a market cap of $1,080.00, a P/E ratio of -5.38 and a beta of 2.20. 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 posted its earnings results 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 business had revenue of $8.50 million for the quarter, compared to the consensus estimate of $26.09 million. ImmunoGen’s revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.51) EPS. analysts anticipate that ImmunoGen, Inc. will post -0.97 EPS for the current year.

Hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its position in shares of ImmunoGen by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 331,898 shares of the biotechnology company’s stock valued at $2,360,000 after purchasing an additional 1,919 shares during the last quarter. Royal Bank of Canada grew its position in shares of ImmunoGen by 789.0% in the 2nd quarter. Royal Bank of Canada now owns 154,432 shares of the biotechnology company’s stock valued at $1,098,000 after buying an additional 137,061 shares during the last quarter. Chicago Equity Partners LLC grew its position in shares of ImmunoGen by 124.7% in the 3rd quarter. Chicago Equity Partners LLC now owns 490,635 shares of the biotechnology company’s stock valued at $3,753,000 after buying an additional 272,315 shares during the last quarter. OxFORD Asset Management LLP purchased a new position in shares of ImmunoGen in the 2nd quarter valued at $506,000. Finally, Bank of Nova Scotia purchased a new position in shares of ImmunoGen in the 2nd quarter valued at $591,000. Hedge funds and other institutional investors own 68.02% of the company’s stock.

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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. 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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