ImmunoGen (IMGN) Upgraded by Zacks Investment Research to Hold

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

According to Zacks, “ImmunoGen has made 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 industry so far this year.”

Other equities analysts also recently issued research reports about the company. HC Wainwright reissued a “buy” rating and set a $18.00 price target on shares of ImmunoGen in a research report on Monday, July 30th. ValuEngine downgraded ImmunoGen from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 28th. BidaskClub raised ImmunoGen from a “hold” rating to a “buy” rating in a research report on Thursday, June 21st. Guggenheim assumed coverage on ImmunoGen in a research report on Monday, September 17th. They set a “buy” rating for the company. Finally, Cowen reissued a “hold” rating on shares of ImmunoGen in a research report on Friday, July 27th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $12.42.

NASDAQ IMGN traded up $0.12 during mid-day trading on Monday, hitting $9.18. The stock had a trading volume of 18,615 shares, compared to its average volume of 1,512,424. ImmunoGen has a 52-week low of $4.80 and a 52-week high of $13.41. The company has a market capitalization of $1.35 billion, a P/E ratio of -12.23 and a beta of 1.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.76 and a quick ratio of 5.73.

ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings data on Friday, July 27th. The biotechnology company reported ($0.31) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.02). The company had revenue of $9.29 million during the quarter, compared to analysts’ expectations of $14.12 million. During the same period in the prior year, the firm earned ($0.10) earnings per share. ImmunoGen’s quarterly revenue was down 76.2% compared to the same quarter last year. research analysts expect that ImmunoGen will post -1.19 earnings per share for the current fiscal year.

In other news, VP Anna Berkenblit sold 5,851 shares of ImmunoGen stock in a transaction on Monday, September 10th. The stock was sold at an average price of $9.46, for a total value of $55,350.46. Following the completion of the sale, the vice president now owns 138,620 shares of the company’s stock, valued at $1,311,345.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 4.44% of the company’s stock.

Large investors have recently made changes to their positions in the company. State of Wisconsin Investment Board grew its position in shares of ImmunoGen by 28.2% in the second quarter. State of Wisconsin Investment Board now owns 130,500 shares of the biotechnology company’s stock valued at $1,270,000 after purchasing an additional 28,700 shares during the period. Bank of Montreal Can boosted its holdings in ImmunoGen by 14,391.1% in the second quarter. Bank of Montreal Can now owns 96,076 shares of the biotechnology company’s stock valued at $935,000 after acquiring an additional 95,413 shares during the last quarter. Redmile Group LLC boosted its holdings in ImmunoGen by 26.9% in the second quarter. Redmile Group LLC now owns 12,315,942 shares of the biotechnology company’s stock valued at $119,834,000 after acquiring an additional 2,613,460 shares during the last quarter. UBS Group AG boosted its holdings in ImmunoGen by 356.1% in the first quarter. UBS Group AG now owns 476,323 shares of the biotechnology company’s stock valued at $5,011,000 after acquiring an additional 371,886 shares during the last quarter. Finally, Alps Advisors Inc. boosted its holdings in ImmunoGen by 8.8% in the second quarter. Alps Advisors Inc. now owns 193,071 shares of the biotechnology company’s stock valued at $1,879,000 after acquiring an additional 15,693 shares during the last quarter. 83.76% of the stock is owned by institutional investors and hedge funds.

ImmunoGen Company Profile

ImmunoGen, Inc, a clinical-stage biotechnology company, focuses on developing antibody-drug conjugate (ADC) therapies to treat cancer. Its product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha, which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm, as well as coltuximab ravtansine, a CD19-targeting ADC, which is in Phase II trial for DLBCL.

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