ImmunoGen, Inc. (IMGN) Raised to Outperform at Royal Bank Of Canada
Royal Bank Of Canada upgraded shares of ImmunoGen, Inc. (NASDAQ:IMGN) from a sector perform rating to an outperform rating in a report published on Thursday, Marketbeat Ratings reports. The brokerage currently has $12.00 price target on the biotechnology company’s stock, up from their previous price target of $5.00.
Several other analysts have also recently weighed in on the stock. Leerink Swann raised shares of ImmunoGen from a market perform rating to an outperform rating and boosted their price objective for the stock from $3.53 to $3.90 in a research note on Wednesday, April 19th. Jefferies Group LLC restated a buy rating and issued a $6.00 target price on shares of ImmunoGen in a report on Wednesday, April 12th. William Blair restated an outperform rating on shares of ImmunoGen in a report on Monday, June 26th. Cantor Fitzgerald restated a hold rating and issued a $5.00 target price on shares of ImmunoGen in a report on Monday, May 8th. Finally, Cowen and Company restated a hold rating on shares of ImmunoGen in a report on Monday, March 13th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. The stock has an average rating of Hold and an average target price of $6.76.
ImmunoGen (IMGN) traded down 8.42% on Thursday, hitting $6.74. The stock had a trading volume of 2,606,745 shares. ImmunoGen has a 1-year low of $1.51 and a 1-year high of $8.04. The company’s 50 day moving average is $5.12 and its 200-day moving average is $3.52. The firm’s market capitalization is $602.21 million.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, May 5th. The biotechnology company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.16. The business had revenue of $28.70 million during the quarter, compared to the consensus estimate of $16.16 million. During the same period in the prior year, the firm earned ($0.37) EPS. The business’s revenue for the quarter was up 45.7% compared to the same quarter last year. On average, analysts forecast that ImmunoGen will post ($1.30) EPS for the current year.
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Institutional investors have recently added to or reduced their stakes in the stock. Redmile Group LLC purchased a new position in ImmunoGen during the first quarter valued at about $15,421,000. Norges Bank bought a new position in shares of ImmunoGen during the fourth quarter valued at $3,123,000. Clearbridge Investments LLC raised its position in shares of ImmunoGen by 6.5% in the first quarter. Clearbridge Investments LLC now owns 14,428,856 shares of the biotechnology company’s stock valued at $55,840,000 after buying an additional 884,524 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of ImmunoGen during the first quarter valued at $1,528,000. Finally, JPMorgan Chase & Co. raised its position in shares of ImmunoGen by 37,346.0% in the first quarter. JPMorgan Chase & Co. now owns 187,230 shares of the biotechnology company’s stock valued at $725,000 after buying an additional 186,730 shares in the last quarter. Institutional investors and hedge funds own 73.93% of the company’s stock.
ImmunoGen Company Profile
ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. The Company is engaged in the discovery of monoclonal antibody-based anticancer therapeutics. An ADC with the Company’s technology comprises an antibody that binds to a target found on tumor cells conjugated to one of its anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target.
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