Bank of New York Mellon Corp increased its stake in shares of ImmunoGen, Inc. (NASDAQ:IMGN) by 15.4% during the first quarter, Holdings Channel reports. The institutional investor owned 438,917 shares of the biotechnology company’s stock after buying an additional 58,516 shares during the period. Bank of New York Mellon Corp’s holdings in ImmunoGen were worth $1,698,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Acadian Asset Management LLC bought a new stake in ImmunoGen during the first quarter valued at $117,000. Creative Planning raised its stake in ImmunoGen by 116.4% in the first quarter. Creative Planning now owns 53,444 shares of the biotechnology company’s stock valued at $207,000 after buying an additional 28,744 shares in the last quarter. Federated Investors Inc. PA raised its stake in ImmunoGen by 69.6% in the fourth quarter. Federated Investors Inc. PA now owns 108,104 shares of the biotechnology company’s stock valued at $221,000 after buying an additional 44,353 shares in the last quarter. Baxter Bros Inc. raised its stake in ImmunoGen by 20.8% in the first quarter. Baxter Bros Inc. now owns 58,000 shares of the biotechnology company’s stock valued at $224,000 after buying an additional 10,000 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in ImmunoGen by 11.1% in the first quarter. Janney Montgomery Scott LLC now owns 58,815 shares of the biotechnology company’s stock valued at $228,000 after buying an additional 5,893 shares in the last quarter. Institutional investors own 73.93% of the company’s stock.

Shares of ImmunoGen, Inc. (IMGN) opened at 5.66 on Friday. The company’s market cap is $505.71 million. ImmunoGen, Inc. has a 52 week low of $1.51 and a 52 week high of $8.04. The firm’s 50-day moving average is $5.94 and its 200-day moving average is $4.05.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings results on Friday, May 5th. The biotechnology company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.36) by $0.16. The company had revenue of $28.70 million for the quarter, compared to the consensus estimate of $16.16 million. During the same quarter in the previous year, the business earned ($0.37) earnings per share. ImmunoGen’s revenue was up 45.7% compared to the same quarter last year. Equities research analysts predict that ImmunoGen, Inc. will post ($1.18) earnings per share for the current year.

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Several research firms have recently weighed in on IMGN. Leerink Swann upgraded shares of ImmunoGen from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $3.53 to $3.90 in a research note on Wednesday, April 19th. Cowen and Company reiterated a “hold” rating on shares of ImmunoGen in a research note on Saturday, May 6th. Jefferies Group LLC reiterated a “buy” rating and issued a $6.00 price objective on shares of ImmunoGen in a research note on Wednesday, April 12th. Royal Bank Of Canada upgraded shares of ImmunoGen from a “sector perform” rating to an “outperform” rating and lifted their price objective for the company from $5.00 to $12.00 in a research note on Thursday, July 6th. Finally, Canaccord Genuity set a $6.00 price objective on shares of ImmunoGen and gave the company a “buy” rating in a research note on Saturday, May 6th. Two analysts have rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. ImmunoGen has an average rating of “Hold” and a consensus price target of $6.76.

About ImmunoGen

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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Institutional Ownership by Quarter for ImmunoGen (NASDAQ:IMGN)

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