Zacks Investment Research upgraded shares of ImmunoGen (NASDAQ:IMGN) from a sell rating to a hold rating in a report released on Monday.
According to Zacks, “ImmunoGen has made significant progress with regard to its lead ovarian cancer candidate, mirvetuximab soravtansine. Successful development and subsequent approval of the candidate will be a huge boost to the company as the ovarian cancer market has immense potential. The company has collaborations with big healthcare companies which not only validate its technology but also provides it with funds in the form of milestone and royalty payments. However, ImmunoGen is heavily dependent on its lead candidate, mirvetuximab soravtansine. Hence, any kind of development or a regulatory setback could hamper the stock. The ovarian cancer space being competitive is also a matter of concern for the company. The company’s shares have outperformed the industry so far this year.”
Several other equities analysts have also recently issued reports on IMGN. ValuEngine raised shares of ImmunoGen from a buy rating to a strong-buy rating in a research note on Saturday, June 2nd. HC Wainwright set a $18.00 price objective on shares of ImmunoGen and gave the company a buy rating in a research note on Tuesday, June 5th. BidaskClub cut shares of ImmunoGen from a buy rating to a hold rating in a research note on Friday, June 8th. Finally, Cowen reissued a hold rating on shares of ImmunoGen in a research note on Friday, July 27th. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $12.42.
Shares of IMGN opened at $9.40 on Monday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.73 and a current ratio of 5.76. ImmunoGen has a 1 year low of $4.80 and a 1 year high of $13.41.
ImmunoGen (NASDAQ:IMGN) last announced its quarterly earnings data on Friday, July 27th. The biotechnology company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.02). The business had revenue of $9.29 million for the quarter, compared to the consensus estimate of $14.12 million. The business’s revenue for the quarter was down 76.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) earnings per share. sell-side analysts anticipate that ImmunoGen will post -1.19 earnings per share for the current fiscal year.
In other news, VP Anna Berkenblit sold 5,851 shares of the company’s stock in a transaction on Monday, September 10th. The shares were sold at an average price of $9.46, for a total transaction of $55,350.46. Following the transaction, the vice president now directly owns 138,620 shares of the company’s stock, valued at approximately $1,311,345.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.44% of the company’s stock.
Several large investors have recently bought and sold shares of IMGN. Wells Fargo & Company MN grew its stake in shares of ImmunoGen by 14.7% during the 1st quarter. Wells Fargo & Company MN now owns 1,788,639 shares of the biotechnology company’s stock worth $18,817,000 after purchasing an additional 229,787 shares during the period. Swiss National Bank grew its stake in shares of ImmunoGen by 35.6% during the 1st quarter. Swiss National Bank now owns 218,600 shares of the biotechnology company’s stock worth $2,300,000 after purchasing an additional 57,400 shares during the period. State of Wisconsin Investment Board grew its stake in shares of ImmunoGen by 75.5% during the 1st quarter. State of Wisconsin Investment Board now owns 101,800 shares of the biotechnology company’s stock worth $1,071,000 after purchasing an additional 43,800 shares during the period. Schwab Charles Investment Management Inc. grew its stake in ImmunoGen by 1.6% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 531,076 shares of the biotechnology company’s stock valued at $5,587,000 after acquiring an additional 8,112 shares during the last quarter. Finally, Northern Trust Corp grew its stake in ImmunoGen by 1.3% in the 1st quarter. Northern Trust Corp now owns 1,224,830 shares of the biotechnology company’s stock valued at $12,885,000 after acquiring an additional 15,530 shares during the last quarter. 83.76% of the stock is currently owned by institutional investors and hedge funds.
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.
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