ImmunoGen (NASDAQ:IMGN) Research Coverage Started at StockNews.com

StockNews.com assumed coverage on shares of ImmunoGen (NASDAQ:IMGN) in a research report released on Monday. The firm issued a hold rating on the biotechnology company’s stock.

IMGN has been the topic of several other research reports. HC Wainwright cut ImmunoGen from a buy rating to a neutral rating and boosted their target price for the company from $28.00 to $31.26 in a research note on Thursday, November 30th. Piper Sandler reissued a neutral rating and set a $31.00 target price (up from $24.00) on shares of ImmunoGen in a report on Monday, December 4th. Guggenheim lowered ImmunoGen from a buy rating to a neutral rating and boosted their target price for the stock from $25.00 to $31.00 in a report on Friday, December 1st. Jefferies Financial Group reissued a hold rating and set a $31.00 target price on shares of ImmunoGen in a report on Friday, December 1st. Finally, William Blair lowered ImmunoGen from an outperform rating to a market perform rating in a report on Thursday, November 30th. Ten investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and a consensus target price of $25.77.

ImmunoGen Price Performance

Shares of IMGN opened at $31.23 on Monday. The firm has a market capitalization of $8.32 billion, a PE ratio of -100.74 and a beta of 1.18. The stock has a 50 day simple moving average of $30.70 and a 200 day simple moving average of $24.14. The company has a debt-to-equity ratio of 0.13, a quick ratio of 5.65 and a current ratio of 5.70. ImmunoGen has a 52-week low of $3.61 and a 52-week high of $31.25.

Insider Buying and Selling at ImmunoGen

In other news, SVP Theresa Wingrove sold 187,667 shares of the firm’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $29.64, for a total transaction of $5,562,449.88. Following the completion of the transaction, the senior vice president now directly owns 3,426 shares in the company, valued at $101,546.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.07% of the company’s stock.

Hedge Funds Weigh In On ImmunoGen

A number of hedge funds have recently made changes to their positions in the stock. Raymond James Financial Services Advisors Inc. grew its stake in ImmunoGen by 20.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 26,421 shares of the biotechnology company’s stock worth $126,000 after purchasing an additional 4,548 shares during the period. Bank of New York Mellon Corp grew its stake in ImmunoGen by 7.0% in the first quarter. Bank of New York Mellon Corp now owns 798,902 shares of the biotechnology company’s stock valued at $3,803,000 after acquiring an additional 52,243 shares during the period. MetLife Investment Management LLC grew its stake in ImmunoGen by 55.4% in the first quarter. MetLife Investment Management LLC now owns 108,476 shares of the biotechnology company’s stock valued at $516,000 after acquiring an additional 38,679 shares during the period. BlackRock Inc. grew its stake in ImmunoGen by 10.6% in the first quarter. BlackRock Inc. now owns 16,432,933 shares of the biotechnology company’s stock valued at $78,225,000 after acquiring an additional 1,569,629 shares during the period. Finally, Blair William & Co. IL grew its stake in ImmunoGen by 0.5% in the first quarter. Blair William & Co. IL now owns 538,410 shares of the biotechnology company’s stock valued at $2,563,000 after acquiring an additional 2,925 shares during the period. 90.50% of the stock is currently owned by institutional investors.

About ImmunoGen

ImmunoGen, Inc, a commercial-stage biotechnology company, focuses on developing and commercializing the antibody-drug conjugates (ADCs) for cancer patients. The company's product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha (FRa), for the treatment of platinum-resistant ovarian cancer; and a cell-surface protein expressed in various epithelial tumors, including ovarian, endometrial, and non-small-cell lung cancers, as well as Pivekimab sunirine, a CD123-targeting ADC that is in Phase II clinical trial for treating acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm.