Equities analysts expect ImmunoGen, Inc. (NASDAQ:IMGN) to post $15.09 million in sales for the current quarter, Zacks reports. Six analysts have issued estimates for ImmunoGen’s earnings, with the lowest sales estimate coming in at $13.71 million and the highest estimate coming in at $15.65 million. ImmunoGen posted sales of $8.48 million during the same quarter last year, which would indicate a positive year over year growth rate of 77.9%. The company is expected to announce its next quarterly earnings results on Friday, November 2nd.
According to Zacks, analysts expect that ImmunoGen will report full-year sales of $60.15 million for the current year, with estimates ranging from $56.72 million to $63.02 million. For the next fiscal year, analysts anticipate that the firm will post sales of $62.32 million, with estimates ranging from $46.40 million to $78.64 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow ImmunoGen.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings results on Friday, July 27th. The biotechnology company reported ($0.31) earnings per share for the quarter, missing the Zacks’ 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. During the same period last year, the firm earned ($0.10) earnings per share. The company’s revenue was down 76.2% compared to the same quarter last year.
A number of equities research analysts have weighed in on the stock. BidaskClub downgraded shares of ImmunoGen from a “hold” rating to a “sell” rating in a report on Friday, July 27th. Zacks Investment Research raised shares of ImmunoGen from a “sell” rating to a “hold” rating in a report on Monday, August 27th. HC Wainwright reissued a “buy” rating and issued a $18.00 price target on shares of ImmunoGen in a report on Monday, July 30th. ValuEngine downgraded shares of ImmunoGen from a “strong-buy” rating to a “buy” rating in a report on Friday, June 8th. Finally, Cowen reissued a “hold” rating on shares of ImmunoGen in a report on Friday, July 27th. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $12.42.
NASDAQ IMGN traded up $0.29 on Monday, reaching $9.69. The company’s stock had a trading volume of 58,538 shares, compared to its average volume of 1,461,536. ImmunoGen has a twelve month low of $4.80 and a twelve month high of $13.41. The company has a current ratio of 5.76, a quick ratio of 5.73 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -12.67 and a beta of 1.95.
In other ImmunoGen news, VP Anna Berkenblit sold 5,851 shares of the company’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $9.46, for a total transaction of $55,350.46. Following the completion of the sale, the vice president now directly owns 138,620 shares of the company’s stock, valued at $1,311,345.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.44% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in ImmunoGen during the second quarter valued at about $115,000. Private Advisor Group LLC purchased a new stake in shares of ImmunoGen in the second quarter worth approximately $131,000. Great West Life Assurance Co. Can lifted its position in shares of ImmunoGen by 75.1% in the second quarter. Great West Life Assurance Co. Can now owns 15,767 shares of the biotechnology company’s stock worth $153,000 after purchasing an additional 6,763 shares in the last quarter. Element Capital Management LLC purchased a new stake in shares of ImmunoGen in the first quarter worth approximately $181,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in shares of ImmunoGen in the first quarter worth approximately $196,000. 83.76% of the stock is owned by institutional investors.
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: Short Selling – Explanation For Shorting Stocks
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for ImmunoGen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ImmunoGen and related companies with MarketBeat.com's FREE daily email newsletter.