Zacks Investment Research cut shares of ImmunoGen (NASDAQ:IMGN) from a buy rating to a hold rating in a report released on Wednesday morning.
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 brokerages have also weighed in on IMGN. HC Wainwright set a $18.00 price objective on ImmunoGen and gave the stock a buy rating in a research report on Monday, February 12th. Royal Bank of Canada reiterated an outperform rating and issued a $12.00 price objective on shares of ImmunoGen in a research report on Thursday, February 8th. BidaskClub upgraded ImmunoGen from a hold rating to a buy rating in a research report on Thursday, January 18th. Finally, Cantor Fitzgerald restated a hold rating and issued a $5.00 target price on shares of ImmunoGen in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $9.10.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, February 9th. The biotechnology company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.03). The firm had revenue of $39.40 million during the quarter, compared to analysts’ expectations of $39.62 million. The business’s revenue was up 185.5% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.39) EPS. equities research analysts anticipate that ImmunoGen will post -1.05 earnings per share for the current year.
In other news, Director Daniel M. Junius sold 46,667 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $10.01, for a total value of $467,136.67. Following the completion of the transaction, the director now owns 243,367 shares in the company, valued at approximately $2,436,103.67. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 6.51% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Redmile Group LLC lifted its stake in shares of ImmunoGen by 35.3% in the 4th quarter. Redmile Group LLC now owns 10,906,962 shares of the biotechnology company’s stock valued at $69,914,000 after purchasing an additional 2,845,465 shares during the period. BlackRock Inc. raised its stake in ImmunoGen by 54.7% during the fourth quarter. BlackRock Inc. now owns 8,470,097 shares of the biotechnology company’s stock valued at $54,294,000 after buying an additional 2,996,116 shares during the last quarter. FMR LLC raised its stake 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 buying an additional 4,803,256 shares during the last quarter. Vanguard Group Inc. raised its stake in ImmunoGen by 3.4% during the second quarter. Vanguard Group Inc. now owns 4,248,688 shares of the biotechnology company’s stock valued at $30,209,000 after buying an additional 138,257 shares during the last quarter. Finally, State Street Corp raised its stake 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 buying an additional 2,542,876 shares during the last quarter. Institutional investors own 67.97% 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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