Jennison Associates LLC Boosts Holdings in ImmunoGen, Inc. (IMGN)

Jennison Associates LLC grew its stake in shares of ImmunoGen, Inc. (NASDAQ:IMGN) by 0.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,173,360 shares of the biotechnology company’s stock after buying an additional 8,717 shares during the quarter. Jennison Associates LLC owned approximately 0.79% of ImmunoGen worth $11,112,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of IMGN. State of Wisconsin Investment Board grew its stake 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 worth $1,270,000 after purchasing an additional 28,700 shares during the last quarter. Raymond James & Associates grew its stake in shares of ImmunoGen by 3.8% in the second quarter. Raymond James & Associates now owns 648,758 shares of the biotechnology company’s stock worth $6,312,000 after purchasing an additional 23,459 shares during the last quarter. Bank of Montreal Can grew its stake in shares of ImmunoGen by 14,391.1% in the second quarter. Bank of Montreal Can now owns 96,076 shares of the biotechnology company’s stock worth $935,000 after purchasing an additional 95,413 shares during the last quarter. Bank of America Corp DE grew its stake in shares of ImmunoGen by 21.7% in the second quarter. Bank of America Corp DE now owns 1,213,221 shares of the biotechnology company’s stock worth $11,804,000 after purchasing an additional 216,420 shares during the last quarter. Finally, Redmile Group LLC grew its stake in shares of 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. 82.72% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Mark Alan Goldberg acquired 30,000 shares of the company’s stock in a transaction dated Tuesday, November 6th. The shares were purchased at an average price of $5.76 per share, for a total transaction of $172,800.00. Following the completion of the acquisition, the director now owns 53,800 shares of the company’s stock, valued at $309,888. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Anna Berkenblit sold 5,851 shares of the company’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $9.46, for a total transaction of $55,350.46. Following the transaction, the vice president now owns 138,620 shares in the company, valued at approximately $1,311,345.20. The disclosure for this sale can be found here. 4.44% of the stock is owned by insiders.

Several brokerages recently weighed in on IMGN. BidaskClub raised shares of ImmunoGen from a “strong sell” rating to a “sell” rating in a research note on Tuesday, August 14th. Zacks Investment Research raised shares of ImmunoGen from a “sell” rating to a “hold” rating in a research note on Monday, August 27th. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of ImmunoGen in a report on Monday, July 30th. Finally, ValuEngine lowered shares of ImmunoGen from a “buy” rating to a “hold” rating in a report on Saturday, October 6th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $14.75.

IMGN stock opened at $5.53 on Monday. The firm has a market capitalization of $824.47 million, a P/E ratio of -7.37 and a beta of 2.49. The company has a current ratio of 4.59, a quick ratio of 4.56 and a debt-to-equity ratio of 0.04. ImmunoGen, Inc. has a 12-month low of $5.21 and a 12-month high of $13.41.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, November 2nd. The biotechnology company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.01. The business had revenue of $10.90 million for the quarter, compared to analyst estimates of $13.60 million. ImmunoGen had a negative net margin of 176.35% and a negative return on equity of 673.66%. ImmunoGen’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.61) earnings per share. Equities analysts anticipate that ImmunoGen, Inc. will post -1.24 earnings per share for the current fiscal year.

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ImmunoGen 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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Institutional Ownership by Quarter for ImmunoGen (NASDAQ:IMGN)

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