ImmunoGen (NASDAQ:IMGN) Trading Down 5.6%

ImmunoGen, Inc. (NASDAQ:IMGN)’s share price was down 5.6% on Tuesday . The stock traded as low as $8.11 and last traded at $8.12. Approximately 59,587 shares changed hands during trading, a decline of 98% from the average daily volume of 2,555,762 shares. The stock had previously closed at $8.60.

Several analysts have recently weighed in on IMGN shares. TheStreet cut shares of ImmunoGen from a “c” rating to a “d+” rating in a research report on Friday, March 26th. Zacks Investment Research cut shares of ImmunoGen from a “hold” rating to a “sell” rating and set a $9.50 price objective on the stock. in a research report on Thursday, February 18th. Finally, HC Wainwright raised their price objective on shares of ImmunoGen from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, February 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. ImmunoGen presently has a consensus rating of “Hold” and an average price target of $10.00.

The company’s fifty day moving average is $8.71 and its 200 day moving average is $6.85. The company has a market cap of $1.56 billion, a P/E ratio of -19.07 and a beta of 1.65.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Thursday, February 11th. The biotechnology company reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.24. The business had revenue of $85.80 million for the quarter, compared to the consensus estimate of $50.61 million. On average, sell-side analysts forecast that ImmunoGen, Inc. will post -0.48 EPS for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale bought a new stake in ImmunoGen in the 4th quarter worth $402,000. Hsbc Holdings PLC purchased a new stake in shares of ImmunoGen in the 4th quarter worth about $107,000. JPMorgan Chase & Co. lifted its position in shares of ImmunoGen by 25.7% in the 4th quarter. JPMorgan Chase & Co. now owns 87,087 shares of the biotechnology company’s stock worth $562,000 after purchasing an additional 17,797 shares during the period. Truist Financial Corp lifted its position in shares of ImmunoGen by 23.3% in the 4th quarter. Truist Financial Corp now owns 235,227 shares of the biotechnology company’s stock worth $1,517,000 after purchasing an additional 44,499 shares during the period. Finally, Orbimed Advisors LLC purchased a new stake in shares of ImmunoGen in the 4th quarter worth about $16,473,000. 72.95% 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; 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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