ImmunoGen, Inc. (IMGN) Short Interest Update

ImmunoGen, Inc. (NASDAQ:IMGN) was the recipient of a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 13,376,094 shares, a growth of 10.7% from the January 12th total of 12,085,660 shares. Approximately 10.3% of the shares of the company are sold short. Based on an average daily trading volume, of 3,192,151 shares, the days-to-cover ratio is presently 4.2 days.

Shares of ImmunoGen (NASDAQ IMGN) traded up $0.15 during mid-day trading on Friday, hitting $8.91. The company’s stock had a trading volume of 3,692,143 shares, compared to its average volume of 3,245,576. ImmunoGen has a one year low of $2.31 and a one year high of $10.04. The stock has a market cap of $1,330.00, a P/E ratio of -6.59 and a beta of 2.50. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of -0.03.

ImmunoGen (NASDAQ:IMGN) last announced its earnings results on Friday, February 9th. The biotechnology company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). The business had revenue of $39.40 million during the quarter, compared to the consensus estimate of $39.62 million. During the same quarter in the prior year, the business earned ($0.39) EPS. The company’s revenue was up 185.5% on a year-over-year basis. research analysts expect that ImmunoGen will post -0.97 EPS for the current year.

IMGN has been the topic of a number of research reports. Jefferies Group restated a “buy” rating and set a $9.00 price target on shares of ImmunoGen in a research note on Thursday, October 12th. Zacks Investment Research upgraded ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 price target on the stock in a research note on Tuesday, October 31st. Cantor Fitzgerald restated a “hold” rating and set a $5.00 price target on shares of ImmunoGen in a research note on Friday, November 3rd. BidaskClub upgraded ImmunoGen from a “hold” rating to a “buy” rating in a research note on Thursday, January 18th. Finally, HC Wainwright began coverage on ImmunoGen in a research note on Wednesday, January 31st. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $7.83.

Several hedge funds have recently made changes to their positions in the business. Virtus Fund Advisers LLC purchased a new position in shares of ImmunoGen in the 4th quarter valued at approximately $346,000. BlackRock Inc. grew its stake in shares of ImmunoGen by 54.7% in the 4th quarter. BlackRock Inc. now owns 8,470,097 shares of the biotechnology company’s stock valued at $54,294,000 after purchasing an additional 2,996,116 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of ImmunoGen by 17.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 77,143 shares of the biotechnology company’s stock valued at $495,000 after purchasing an additional 11,735 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of ImmunoGen by 2.2% in the fourth quarter. Wells Fargo & Company MN now owns 1,558,852 shares of the biotechnology company’s stock valued at $9,993,000 after buying an additional 33,066 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of ImmunoGen by 16.6% in the fourth quarter. Swiss National Bank now owns 161,200 shares of the biotechnology company’s stock valued at $1,033,000 after buying an additional 23,000 shares in the last quarter. Institutional investors own 67.88% of the company’s stock.

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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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