Zacks: Analysts Anticipate ImmunoGen, Inc. (NASDAQ:IMGN) Will Post Quarterly Sales of $19.66 Million

Equities research analysts predict that ImmunoGen, Inc. (NASDAQ:IMGN) will post sales of $19.66 million for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for ImmunoGen’s earnings. The highest sales estimate is $22.30 million and the lowest is $16.90 million. ImmunoGen reported sales of $18.19 million in the same quarter last year, which indicates a positive year-over-year growth rate of 8.1%. The company is expected to announce its next earnings results on Friday, November 5th.

According to Zacks, analysts expect that ImmunoGen will report full-year sales of $69.81 million for the current year, with estimates ranging from $66.50 million to $74.37 million. For the next financial year, analysts forecast that the business will post sales of $75.81 million, with estimates ranging from $52.30 million to $110.59 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover ImmunoGen.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, July 30th. The biotechnology company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.03. ImmunoGen had a negative return on equity of 106.62% and a negative net margin of 40.82%. The business had revenue of $16.90 million during the quarter, compared to the consensus estimate of $18.92 million. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis.

Shares of NASDAQ:IMGN traded up $0.13 on Friday, hitting $6.10. 739,692 shares of the company’s stock were exchanged, compared to its average volume of 1,971,340. The stock has a market capitalization of $1.23 billion, a price-to-earnings ratio of -21.03 and a beta of 1.33. ImmunoGen has a 12 month low of $3.43 and a 12 month high of $10.88. The business’s 50 day simple moving average is $5.69 and its two-hundred day simple moving average is $6.68.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of ImmunoGen by 7.6% during the first quarter. BlackRock Inc. now owns 16,305,586 shares of the biotechnology company’s stock valued at $132,073,000 after buying an additional 1,149,004 shares during the period. Vanguard Group Inc. increased its stake in shares of ImmunoGen by 2.4% during the second quarter. Vanguard Group Inc. now owns 14,653,190 shares of the biotechnology company’s stock valued at $96,565,000 after buying an additional 346,051 shares during the period. State Street Corp increased its stake in shares of ImmunoGen by 18.8% during the second quarter. State Street Corp now owns 10,719,931 shares of the biotechnology company’s stock valued at $70,644,000 after buying an additional 1,696,452 shares during the period. Orbimed Advisors LLC increased its stake in shares of ImmunoGen by 257.6% during the first quarter. Orbimed Advisors LLC now owns 9,131,822 shares of the biotechnology company’s stock valued at $73,968,000 after buying an additional 6,577,922 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of ImmunoGen by 201.2% during the first quarter. Ameriprise Financial Inc. now owns 5,595,683 shares of the biotechnology company’s stock valued at $45,324,000 after buying an additional 3,738,190 shares during the period. Hedge funds and other institutional investors own 89.18% of the company’s stock.

ImmunoGen Company Profile

ImmunoGen, Inc engages in the discovery and development of antibody-drug conjugates to improve outcomes for cancer patients. Its pipeline includes Mirvetuximab Soravtansine, IMGN632, IMGC936, and IMGN151. The company was founded on March 27, 1981 and is headquartered in Waltham, MA.

Featured Article: Options Trading – What is a Straddle?

Get a free copy of the Zacks research report on ImmunoGen (IMGN)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for ImmunoGen (NASDAQ:IMGN)

Receive News & Ratings for ImmunoGen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ImmunoGen and related companies with MarketBeat.com's FREE daily email newsletter.