ImmunoGen, Inc. (IMGN) Receives Average Recommendation of “Buy” from Brokerages

Shares of ImmunoGen, Inc. (NASDAQ:IMGN) have been given an average recommendation of “Buy” by the eleven ratings firms that are presently covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $14.75.

A number of analysts recently issued reports on the company. ValuEngine upgraded ImmunoGen from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 22nd. BidaskClub upgraded ImmunoGen from a “hold” rating to a “buy” rating in a research note on Thursday, June 21st. Zacks Investment Research upgraded ImmunoGen from a “sell” rating to a “hold” rating in a research note on Monday, September 3rd. HC Wainwright reiterated a “buy” rating and set a $18.00 price objective on shares of ImmunoGen in a research note on Monday, July 30th. Finally, Cowen reiterated a “hold” rating on shares of ImmunoGen in a research note on Friday, July 27th.

In related news, VP Anna Berkenblit sold 5,851 shares of the business’s stock in a transaction on Tuesday, October 16th. The stock was sold at an average price of $8.00, for a total transaction of $46,808.00. Following the sale, the vice president now directly owns 132,769 shares in the company, valued at approximately $1,062,152. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 4.44% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in ImmunoGen during the second quarter worth about $115,000. Private Advisor Group LLC purchased a new position in ImmunoGen during the second quarter worth about $131,000. Great West Life Assurance Co. Can grew its position in ImmunoGen by 75.1% during the second quarter. Great West Life Assurance Co. Can now owns 15,767 shares of the biotechnology company’s stock worth $153,000 after buying an additional 6,763 shares in the last quarter. Element Capital Management LLC purchased a new position in ImmunoGen during the first quarter worth about $181,000. Finally, Xact Kapitalforvaltning AB purchased a new position in ImmunoGen during the first quarter worth about $196,000. Institutional investors own 83.76% of the company’s stock.

Shares of IMGN traded down $0.09 during mid-day trading on Friday, hitting $7.92. The stock had a trading volume of 1,022,200 shares, compared to its average volume of 2,615,953. The firm has a market cap of $1.41 billion, a PE ratio of -10.56 and a beta of 1.96. 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 has a 52 week low of $4.80 and a 52 week high of $13.41.

ImmunoGen (NASDAQ:IMGN) last issued its earnings results on Friday, July 27th. The biotechnology company reported ($0.31) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.02). The business had revenue of $9.29 million during the quarter, compared to analysts’ expectations of $14.12 million. ImmunoGen’s revenue for the quarter was down 76.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.10) EPS. Sell-side analysts anticipate that ImmunoGen will post -1.19 earnings per share for the current fiscal year.

About ImmunoGen

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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Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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