ImmunoGen, Inc. (IMGN) Shares Gap Down to $8.36
ImmunoGen, Inc. (NASDAQ:IMGN) gapped down before the market opened on Friday . The stock had previously closed at $8.66, but opened at $8.36. ImmunoGen shares last traded at $8.07, with a volume of 5,488,867 shares trading hands.
A number of research firms have recently weighed in on IMGN. Canaccord Genuity reaffirmed a “buy” rating and set a $10.00 price target (up previously from $8.00) on shares of ImmunoGen in a report on Wednesday. Cowen and Company reaffirmed a “hold” rating on shares of ImmunoGen in a report on Tuesday. Leerink Swann reaffirmed a “buy” rating on shares of ImmunoGen in a report on Tuesday. Cantor Fitzgerald reaffirmed a “hold” rating on shares of ImmunoGen in a report on Tuesday. Finally, BidaskClub raised ImmunoGen from a “hold” rating to a “buy” rating in a report on Saturday, August 26th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $8.01.
The company’s market cap is $723.05 million. The company’s 50-day moving average price is $6.29 and its 200-day moving average price is $4.84.
ImmunoGen (NASDAQ:IMGN) last announced its earnings results on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.07. The company had revenue of $39.02 million for the quarter, compared to analyst estimates of $30.59 million. During the same quarter in the previous year, the company posted ($0.53) earnings per share. ImmunoGen’s revenue for the quarter was up 426.6% on a year-over-year basis. Equities research analysts expect that ImmunoGen, Inc. will post ($0.74) EPS for the current fiscal year.
Several institutional investors have recently made changes to their positions in IMGN. Arrowstreet Capital Limited Partnership bought a new position in shares of ImmunoGen during the second quarter worth about $102,000. Gould Asset Management LLC CA bought a new position in shares of ImmunoGen during the second quarter worth about $107,000. Intl Fcstone Inc. bought a new position in shares of ImmunoGen during the second quarter worth about $115,000. Aperio Group LLC raised its position in shares of ImmunoGen by 45.1% in the second quarter. Aperio Group LLC now owns 16,797 shares of the biotechnology company’s stock worth $119,000 after buying an additional 5,221 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. bought a new position in shares of ImmunoGen during the second quarter worth about $126,000. Institutional investors own 84.64% 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.