American International Group Inc. increased its stake in ImmunoGen, Inc. (NASDAQ:IMGN) by 4.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,795 shares of the biotechnology company’s stock after buying an additional 4,408 shares during the period. American International Group Inc. owned 0.06% of ImmunoGen worth $906,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in ImmunoGen by 10.4% in the fourth quarter. BlackRock Inc. now owns 15,156,582 shares of the biotechnology company’s stock worth $97,758,000 after buying an additional 1,423,482 shares in the last quarter. Morgan Stanley raised its stake in ImmunoGen by 158.7% in the fourth quarter. Morgan Stanley now owns 4,646,239 shares of the biotechnology company’s stock worth $29,968,000 after buying an additional 2,850,590 shares in the last quarter. Orbimed Advisors LLC bought a new position in shares of ImmunoGen during the fourth quarter valued at approximately $16,473,000. Northern Trust Corp increased its stake in shares of ImmunoGen by 2.9% during the fourth quarter. Northern Trust Corp now owns 2,118,275 shares of the biotechnology company’s stock valued at $13,663,000 after purchasing an additional 59,250 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA bought a new position in shares of ImmunoGen during the first quarter valued at approximately $14,983,000. 91.37% of the stock is owned by institutional investors.
NASDAQ:IMGN opened at $6.41 on Friday. The firm’s 50 day moving average price is $7.06. ImmunoGen, Inc. has a 52 week low of $3.38 and a 52 week high of $10.88. The stock has a market capitalization of $1.28 billion, a PE ratio of -22.89 and a beta of 1.36.
A number of equities analysts have weighed in on the stock. William Blair reaffirmed an “outperform” rating on shares of ImmunoGen in a research note on Monday, May 10th. Zacks Investment Research downgraded shares of ImmunoGen from a “hold” rating to a “sell” rating and set a $9.50 target price for the company. in a research note on Thursday, February 18th. TheStreet downgraded shares of ImmunoGen from a “c” rating to a “d+” rating in a research note on Friday, March 26th. Finally, HC Wainwright raised their target price on shares of ImmunoGen from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday, February 16th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $10.00.
ImmunoGen Company Profile
ImmunoGen, Inc, a clinical-stage biotechnology company, develops 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; and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm.
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