ImmunoGen (IMGN) Given a $14.00 Price Target at Piper Jaffray Companies

ImmunoGen (NASDAQ:IMGN) received a $14.00 target price from research analysts at Piper Jaffray Companies in a report issued on Sunday. The firm currently has a “buy” rating on the biotechnology company’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 154.08% from the company’s previous close.

Other analysts have also issued reports about the company. Guggenheim started coverage on ImmunoGen in a report on Monday, September 17th. They issued a “buy” rating on the stock. HC Wainwright set a $18.00 price target on ImmunoGen and gave the company a “buy” rating in a report on Monday, October 22nd. ValuEngine upgraded ImmunoGen from a “hold” rating to a “buy” rating in a report on Wednesday, October 17th. Zacks Investment Research upgraded ImmunoGen from a “sell” rating to a “hold” rating in a report on Monday, September 24th. Finally, BidaskClub upgraded ImmunoGen from a “sell” rating to a “hold” rating in a report on Thursday, August 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $14.60.

IMGN stock opened at $5.51 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.56 and a current ratio of 4.59. The stock has a market cap of $821.49 million, a price-to-earnings ratio of -7.35 and a beta of 2.56. ImmunoGen has a 1-year low of $5.16 and a 1-year high of $13.41.

ImmunoGen (NASDAQ:IMGN) last posted its earnings results on Friday, November 2nd. The biotechnology company reported ($0.32) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.33) by $0.01. The firm had revenue of $10.90 million for the quarter, compared to analyst estimates of $13.60 million. ImmunoGen had a negative return on equity of 673.66% and a negative net margin of 176.35%. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.61) earnings per share. Analysts predict that ImmunoGen will post -1.24 earnings per share for the current year.

In other ImmunoGen news, VP Anna Berkenblit sold 5,851 shares of the business’s stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $8.00, for a total transaction of $46,808.00. Following the transaction, the vice president now owns 132,769 shares of the company’s stock, valued at $1,062,152. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Mark Alan Goldberg purchased 30,000 shares of the stock in a transaction on Tuesday, November 6th. The shares were acquired at an average cost of $5.76 per share, for a total transaction of $172,800.00. Following the transaction, the director now owns 53,800 shares of the company’s stock, valued at $309,888. The disclosure for this purchase can be found here. 4.44% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Redmile Group LLC grew its position in shares of ImmunoGen by 26.9% in the second quarter. Redmile Group LLC now owns 12,315,942 shares of the biotechnology company’s stock valued at $119,834,000 after purchasing an additional 2,613,460 shares during the last quarter. FMR LLC grew its position in shares of ImmunoGen by 34.0% in the second quarter. FMR LLC now owns 8,704,234 shares of the biotechnology company’s stock valued at $84,692,000 after purchasing an additional 2,208,796 shares during the last quarter. BlackRock Inc. grew its position in shares of ImmunoGen by 24.9% in the second quarter. BlackRock Inc. now owns 10,436,350 shares of the biotechnology company’s stock valued at $101,546,000 after purchasing an additional 2,079,732 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of ImmunoGen in the second quarter valued at approximately $20,004,000. Finally, Voya Investment Management LLC boosted its stake in shares of ImmunoGen by 4,117.8% in the second quarter. Voya Investment Management LLC now owns 1,849,256 shares of the biotechnology company’s stock valued at $17,993,000 after buying an additional 1,805,412 shares during the period. 83.73% of the stock is currently owned by hedge funds and other institutional investors.

About ImmunoGen

ImmunoGen, Inc, a clinical-stage biotechnology company, focuses on developing 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; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm, as well as coltuximab ravtansine, a CD19-targeting ADC, which is in Phase II trial for DLBCL.

Further Reading: Why do company’s buyback their stock?

Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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