ImmunoGen Inc. (NASDAQ:IMGN) shares shot up 3.6% during trading on Wednesday . The company traded as high as $2.91 and last traded at $2.88, with a volume of 656,518 shares traded. The stock had previously closed at $2.78.

A number of brokerages recently commented on IMGN. Canaccord Genuity restated a “buy” rating on shares of ImmunoGen in a research report on Saturday, April 30th. Cowen and Company restated a “hold” rating on shares of ImmunoGen in a research report on Sunday, April 17th. Royal Bank Of Canada cut ImmunoGen from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $18.00 to $7.00 in a research report on Friday, April 29th. Zacks Investment Research cut ImmunoGen from a “hold” rating to a “sell” rating in a research report on Tuesday, May 3rd. Finally, Morgan Stanley restated an “underweight” rating and issued a $5.00 price target (down previously from $9.00) on shares of ImmunoGen in a research report on Thursday, May 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $12.59.

The stock’s market cap is $254.26 million. The company’s 50 day moving average price is $3.38 and its 200 day moving average price is $6.63.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings results on Friday, April 29th. The biotechnology company reported ($0.37) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by $0.06. The firm earned $19.71 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the company earned ($0.25) earnings per share. ImmunoGen’s revenue was up 72.4% on a year-over-year basis. On average, equities research analysts anticipate that ImmunoGen Inc. will post ($1.54) EPS for the current fiscal year.

A number of hedge funds recently modified their holdings of IMGN. California State Teachers Retirement System boosted its stake in shares of ImmunoGen by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 159,672 shares of the biotechnology company’s stock worth $2,167,000 after buying an additional 2,537 shares during the period. Rhumbline Advisers boosted its stake in shares of ImmunoGen by 7.1% in the fourth quarter. Rhumbline Advisers now owns 93,829 shares of the biotechnology company’s stock worth $1,273,000 after buying an additional 6,255 shares during the period. ProShare Advisors LLC boosted its stake in shares of ImmunoGen by 10.7% in the fourth quarter. ProShare Advisors LLC now owns 82,498 shares of the biotechnology company’s stock worth $1,120,000 after buying an additional 7,949 shares during the period. Airain ltd boosted its stake in shares of ImmunoGen by 120.9% in the fourth quarter. Airain ltd now owns 84,290 shares of the biotechnology company’s stock worth $1,144,000 after buying an additional 46,134 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. boosted its stake in shares of ImmunoGen by 91.3% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 227,703 shares of the biotechnology company’s stock worth $3,090,000 after buying an additional 108,703 shares during the period.

ImmunoGen, Inc (ImmunoGen) is a clinical-stage biotechnology company focused on the development of targeted anticancer therapeutics. The Company’s clinical and preclinical product candidates are antibody-drug conjugates (ADCs), which is a type of medicine that uses a monoclonal antibody to deliver a therapeutic agent to targeted cells.

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