ImmunoGen Inc. (NASDAQ:IMGN) shares dropped 4.5% on Thursday . The company traded as low as $2.79 and last traded at $2.79, with a volume of 856,171 shares trading hands. The stock had previously closed at $2.92.

IMGN has been the topic of a number of research reports. Cowen and Company restated a “hold” rating on shares of ImmunoGen in a report on Sunday, April 17th. Royal Bank Of Canada lowered ImmunoGen from an “outperform” rating to a “sector perform” rating and decreased their price objective for the company from $18.00 to $7.00 in a report on Friday, April 29th. Canaccord Genuity restated a “buy” rating on shares of ImmunoGen in a report on Saturday, April 30th. Leerink Swann raised their price objective on ImmunoGen from $8.00 to $11.00 and gave the company a “market perform” rating in a report on Monday, May 2nd. Finally, Zacks Investment Research lowered ImmunoGen from a “hold” rating to a “sell” rating in a report on Tuesday, May 3rd. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. ImmunoGen currently has an average rating of “Hold” and an average target price of $12.59.

The company’s market cap is $242.07 million. The company has a 50-day moving average of $3.17 and a 200-day moving average of $6.52.

Other hedge funds and institutional investors have made changes to their positions in the company. ProShare Advisors LLC raised its position 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 in the last quarter. Airain ltd raised its position 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 in the last quarter. Rhumbline Advisers raised its position 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 in the last quarter. California State Teachers Retirement System raised its position 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 in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. raised its position 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 in the last quarter.

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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