ImmunoGen, Inc. (NASDAQ:IMGN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $6.50 price objective on the biotechnology company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.46% from the stock’s previous close.
According to Zacks, “ImmunoGen has made a significant progress with regard to its lead pipeline candidate, mirvetuximab soravtansine (platinum-resistant ovarian cancer). Successful development and subsequent approval will be a huge boost for the company as ovarian cancer market represents a huge potential. The company’s collaborations with big healthcare companies not only validate its technology but also provides it with funds in the form of milestone and royalty payments. The company’s shares have outperformed the broader industry so far this year. However, ImmunoGen is heavily dependent on its lead candidate, mirvetuximab soravtansine. Hence, any kind of development or regulatory setback could hamper the stock. Most other pipeline candidates are still a long way from entering the market, which also raises concern. Estimates have been stable lately ahead of the company's Q3 earnings.”
IMGN has been the subject of several other research reports. Cantor Fitzgerald reaffirmed a “hold” rating on shares of ImmunoGen in a research note on Tuesday, August 29th. BidaskClub raised shares of ImmunoGen from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Jefferies Group LLC reissued a “buy” rating and set a $9.00 price objective on shares of ImmunoGen in a report on Thursday, October 12th. Canaccord Genuity set a $8.00 price objective on shares of ImmunoGen and gave the company a “buy” rating in a report on Monday, July 31st. Finally, Royal Bank Of Canada raised shares of ImmunoGen from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $5.00 to $12.00 in a report on Thursday, July 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $7.83.
ImmunoGen (NASDAQ:IMGN) traded up 1.300% on Tuesday, hitting $5.845. The company’s stock had a trading volume of 941,487 shares. ImmunoGen has a 12 month low of $1.51 and a 12 month high of $8.84. The firm has a 50 day moving average of $6.59 and a 200 day moving average of $5.88. The firm’s market cap is $523.69 million.
ImmunoGen (NASDAQ:IMGN) last posted its quarterly earnings results on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.07. The company had revenue of $39.02 million for the quarter, compared to the consensus estimate of $30.59 million. During the same period in the prior year, the firm posted ($0.53) EPS. The business’s revenue was up 426.6% on a year-over-year basis. Equities research analysts forecast that ImmunoGen will post ($0.72) earnings per share for the current fiscal year.
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In related news, VP Craig Barrows sold 14,600 shares of ImmunoGen stock in a transaction that occurred on Wednesday, September 13th. The shares were sold at an average price of $6.95, for a total transaction of $101,470.00. Following the transaction, the vice president now directly owns 51,100 shares of the company’s stock, valued at $355,145. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 6.51% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. David R. Rahn & Associates Inc. purchased a new position in ImmunoGen in the third quarter worth $1,489,000. Paulson & CO. Inc. purchased a new position in ImmunoGen in the second quarter worth $1,630,000. Intl Fcstone Inc. purchased a new position in ImmunoGen in the second quarter worth $115,000. Bank of Nova Scotia purchased a new position in ImmunoGen in the second quarter worth $591,000. Finally, Raymond James Financial Services Advisors Inc. purchased a new position in ImmunoGen in the second quarter worth $126,000. 73.03% of the stock is currently owned by institutional investors and hedge funds.
ImmunoGen Company Profile
ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. An ADC with the Company’s technology comprises an antibody that binds to a target found on tumor cells conjugated to one of its anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target.
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