Quantitative Systematic Strategies LLC Increases Stake in ImmunoGen, Inc. (NASDAQ:IMGN)

Quantitative Systematic Strategies LLC boosted its stake in ImmunoGen, Inc. (NASDAQ:IMGN) by 87.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,301 shares of the biotechnology company’s stock after purchasing an additional 9,459 shares during the period. Quantitative Systematic Strategies LLC’s holdings in ImmunoGen were worth $44,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Arden Trust Co bought a new position in shares of ImmunoGen in the second quarter worth about $45,000. Clear Harbor Asset Management LLC bought a new position in shares of ImmunoGen in the second quarter worth about $200,000. FDx Advisors Inc. bought a new position in shares of ImmunoGen in the second quarter worth about $25,000. PFS Investments Inc. bought a new position in shares of ImmunoGen in the second quarter worth about $28,000. Finally, Redmile Group LLC boosted its stake in shares of ImmunoGen by 20.0% in the first quarter. Redmile Group LLC now owns 13,063,767 shares of the biotechnology company’s stock worth $35,403,000 after acquiring an additional 2,179,160 shares during the period. 78.57% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have recently weighed in on IMGN shares. HC Wainwright set a $4.00 price objective on ImmunoGen and gave the stock a “buy” rating in a research note on Friday, June 28th. ValuEngine raised ImmunoGen from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Cowen reaffirmed a “buy” rating on shares of ImmunoGen in a research note on Thursday, June 27th. Zacks Investment Research lowered ImmunoGen from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th. Finally, Guggenheim lowered ImmunoGen from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 15th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $3.03.

ImmunoGen stock traded up $0.03 during midday trading on Friday, reaching $2.87. 1,430,749 shares of the stock traded hands, compared to its average volume of 2,520,920. The business’s fifty day moving average price is $2.30. ImmunoGen, Inc. has a 12 month low of $1.76 and a 12 month high of $10.37. The company has a market cap of $417.19 million, a PE ratio of -2.43 and a beta of 2.30. The company has a current ratio of 4.72, a quick ratio of 4.72 and a debt-to-equity ratio of 0.19.

ImmunoGen (NASDAQ:IMGN) last announced its quarterly earnings results on Friday, August 2nd. The biotechnology company reported ($0.29) EPS for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.03. ImmunoGen had a negative return on equity of 1,722.22% and a negative net margin of 357.97%. The company had revenue of $15.54 million during the quarter, compared to analyst estimates of $10.33 million. As a group, research analysts predict that ImmunoGen, Inc. will post -0.97 EPS for the current fiscal year.

ImmunoGen Company Profile

ImmunoGen, Inc, a clinical-stage biotechnology company, develops 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.

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Institutional Ownership by Quarter for ImmunoGen (NASDAQ:IMGN)

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