ImmunoGen (NASDAQ:IMGN) Trading Up 0.6%

ImmunoGen, Inc. (NASDAQ:IMGN)’s share price was up 0.6% on Wednesday . The company traded as high as $3.11 and last traded at $3.12, approximately 92,451 shares were traded during trading. A decline of 92% from the average daily volume of 1,108,465 shares. The stock had previously closed at $3.10.

A number of research firms have recently issued reports on IMGN. Cowen reissued a “buy” rating on shares of ImmunoGen in a report on Thursday, June 27th. BidaskClub raised ImmunoGen from a “strong sell” rating to a “sell” rating in a report on Saturday, July 6th. HC Wainwright reaffirmed a “buy” rating and set a $5.00 price target (up from $4.00) on shares of ImmunoGen in a report on Tuesday, August 13th. Guggenheim downgraded shares of ImmunoGen from a “buy” rating to a “neutral” rating in a report on Wednesday, May 15th. Finally, ValuEngine upgraded shares of ImmunoGen from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $3.28.

The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.48 and a current ratio of 3.48. The company has a 50-day moving average of $2.63 and a 200-day moving average of $2.57. The stock has a market capitalization of $483.20 million, a price-to-earnings ratio of -2.67 and a beta of 2.19.

ImmunoGen (NASDAQ:IMGN) last announced its 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. The firm had revenue of $15.54 million for the quarter, compared to analysts’ expectations of $10.33 million. ImmunoGen had a negative return on equity of 573.13% and a negative net margin of 357.97%. As a group, analysts expect that ImmunoGen, Inc. will post -0.96 earnings per share for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Morgan Stanley grew its stake in ImmunoGen by 74.6% in the 2nd quarter. Morgan Stanley now owns 5,833,867 shares of the biotechnology company’s stock worth $12,659,000 after acquiring an additional 2,493,037 shares during the period. Redmile Group LLC boosted its holdings in shares of ImmunoGen by 20.0% in the 1st quarter. Redmile Group LLC now owns 13,063,767 shares of the biotechnology company’s stock valued at $35,403,000 after purchasing an additional 2,179,160 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of ImmunoGen by 272.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,401,637 shares of the biotechnology company’s stock valued at $2,874,000 after buying an additional 1,025,242 shares during the period. Clearline Capital LP purchased a new position in shares of ImmunoGen in the 2nd quarter worth about $1,527,000. Finally, Pinnacle Associates Ltd. grew its stake in ImmunoGen by 76.9% during the first quarter. Pinnacle Associates Ltd. now owns 1,607,596 shares of the biotechnology company’s stock worth $4,357,000 after buying an additional 698,820 shares during the period. 68.08% of the stock is currently owned by institutional investors and hedge funds.

ImmunoGen Company Profile (NASDAQ:IMGN)

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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