HC Wainwright Reiterates Buy Rating for ImmunoGen (NASDAQ:IMGN)

HC Wainwright reiterated their buy rating on shares of ImmunoGen (NASDAQ:IMGN) in a report issued on Tuesday, Briefing.com Automated Import reports. The firm currently has a $5.00 price objective on the biotechnology company’s stock, up from their previous price objective of $4.00.

A number of other research analysts have also issued reports on IMGN. ValuEngine upgraded shares of ImmunoGen from a sell rating to a hold rating in a research note on Thursday, August 1st. Zacks Investment Research lowered shares of ImmunoGen from a buy rating to a hold rating in a research note on Wednesday, May 8th. Cowen reiterated a buy rating on shares of ImmunoGen in a research note on Thursday, June 27th. Guggenheim lowered shares of ImmunoGen from a buy rating to a neutral rating in a research note on Wednesday, May 15th. Finally, BidaskClub upgraded shares of ImmunoGen from a strong sell rating to a sell rating in a research note on Saturday, July 6th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. ImmunoGen currently has a consensus rating of Hold and a consensus target price of $3.28.

Shares of ImmunoGen stock opened at $2.88 on Tuesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 3.48 and a quick ratio of 3.48. ImmunoGen has a 12-month low of $1.76 and a 12-month high of $10.37. The firm has a market cap of $431.67 million, a price-to-earnings ratio of -2.44 and a beta of 2.30. The company’s 50 day moving average is $2.38.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings results on Friday, August 2nd. The biotechnology company reported ($0.29) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.03. ImmunoGen had a negative net margin of 357.97% and a negative return on equity of 573.13%. The business had revenue of $15.54 million for the quarter, compared to analyst estimates of $10.33 million. Equities research analysts anticipate that ImmunoGen will post -0.97 EPS for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. Legal & General Group Plc increased its stake in shares of ImmunoGen by 15.8% in the fourth quarter. Legal & General Group Plc now owns 26,572 shares of the biotechnology company’s stock worth $128,000 after acquiring an additional 3,621 shares during the period. Principal Financial Group Inc. boosted its holdings in ImmunoGen by 3.3% during the fourth quarter. Principal Financial Group Inc. now owns 114,173 shares of the biotechnology company’s stock worth $548,000 after buying an additional 3,696 shares in the last quarter. MML Investors Services LLC boosted its holdings in ImmunoGen by 15.8% during the second quarter. MML Investors Services LLC now owns 29,568 shares of the biotechnology company’s stock worth $64,000 after buying an additional 4,034 shares in the last quarter. M&T Bank Corp boosted its holdings in ImmunoGen by 13.1% during the second quarter. M&T Bank Corp now owns 40,080 shares of the biotechnology company’s stock worth $87,000 after buying an additional 4,649 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in ImmunoGen by 12.3% during the second quarter. Envestnet Asset Management Inc. now owns 70,949 shares of the biotechnology company’s stock worth $154,000 after buying an additional 7,790 shares in the last quarter. Hedge funds and other institutional investors own 77.50% of the company’s stock.

About ImmunoGen

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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Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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