ImmunoGen (NASDAQ:IMGN) has been assigned a $18.00 price objective by HC Wainwright in a report issued on Tuesday. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s target price would suggest a potential upside of 195.57% from the company’s current price.
Several other research analysts have also recently issued reports on the company. BidaskClub cut ImmunoGen from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. ValuEngine cut ImmunoGen from a “buy” rating to a “hold” rating in a research report on Tuesday, October 23rd. William Blair reaffirmed an “outperform” rating on shares of ImmunoGen in a research report on Monday, October 22nd. Zacks Investment Research raised ImmunoGen from a “sell” rating to a “hold” rating in a research report on Monday, September 24th. Finally, Guggenheim began coverage on ImmunoGen in a research report on Monday, September 17th. They set a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $14.75.
Shares of NASDAQ:IMGN traded down $0.08 during mid-day trading on Tuesday, hitting $6.09. 125,620 shares of the company traded hands, compared to its average volume of 3,025,101. The stock has a market cap of $821.49 million, a price-to-earnings ratio of -8.12 and a beta of 2.49. The company has a quick ratio of 5.73, a current ratio of 4.59 and a debt-to-equity ratio of 0.04. ImmunoGen has a 12-month low of $5.24 and a 12-month high of $13.41.
In other ImmunoGen news, Director Mark Alan Goldberg acquired 30,000 shares of the business’s stock in a transaction on Tuesday, November 6th. The shares were acquired at an average price of $5.76 per share, with a total value of $172,800.00. Following the completion of the transaction, the director now owns 53,800 shares in the company, valued at $309,888. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 value of $46,808.00. Following the completion of the transaction, the vice president now directly owns 132,769 shares in the company, valued at approximately $1,062,152. The disclosure for this sale can be found here. 4.44% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of IMGN. Redmile Group LLC boosted its position in ImmunoGen by 26.9% in the second quarter. Redmile Group LLC now owns 12,315,942 shares of the biotechnology company’s stock worth $119,834,000 after purchasing an additional 2,613,460 shares during the last quarter. FMR LLC boosted its position in ImmunoGen by 34.0% in the second quarter. FMR LLC now owns 8,704,234 shares of the biotechnology company’s stock worth $84,692,000 after purchasing an additional 2,208,796 shares during the last quarter. BlackRock Inc. boosted its position in ImmunoGen by 24.9% in the second quarter. BlackRock Inc. now owns 10,436,350 shares of the biotechnology company’s stock worth $101,546,000 after purchasing an additional 2,079,732 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in shares of ImmunoGen during the 2nd quarter valued at $20,004,000. Finally, Voya Investment Management LLC lifted its position in shares of ImmunoGen by 4,117.8% during the 2nd quarter. Voya Investment Management LLC now owns 1,849,256 shares of the biotechnology company’s stock valued at $17,993,000 after buying an additional 1,805,412 shares during the last quarter. 83.71% of the stock is currently owned by institutional investors and hedge funds.
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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