ImmunoGen, Inc. (IMGN) Shares Gap Down to $8.36
ImmunoGen, Inc. (NASDAQ:IMGN)’s share price gapped down prior to trading 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.
IMGN has been the subject of several recent research reports. Zacks Investment Research upgraded ImmunoGen from a “hold” rating to a “buy” rating and set a $7.75 price target for the company in a research report on Tuesday, June 27th. Canaccord Genuity set a $6.00 target price on ImmunoGen and gave the stock a “buy” rating in a research report on Saturday, May 6th. Jefferies Group LLC restated a “buy” rating and set a $6.00 target price on shares of ImmunoGen in a research report on Thursday, May 18th. BidaskClub cut ImmunoGen from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 19th. Finally, Leerink Swann restated a “buy” rating on shares of ImmunoGen in a research report on Tuesday, August 29th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. ImmunoGen currently has a consensus rating of “Hold” and an average target price of $8.01.
The firm’s market capitalization is $723.05 million. The company has a 50-day moving average of $6.32 and a 200-day moving average of $4.89.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.07. The firm had revenue of $39.02 million for the quarter, compared to analysts’ expectations of $30.59 million. The company’s revenue for the quarter was up 426.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.53) EPS. On average, equities analysts predict that ImmunoGen, Inc. will post ($0.74) EPS for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Intl Fcstone Inc. purchased a new position in shares of ImmunoGen during the second quarter worth $115,000. Bank of Nova Scotia purchased a new position in shares of ImmunoGen during the second quarter worth $591,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of ImmunoGen during the second quarter worth $126,000. Redmile Group LLC raised its position in shares of ImmunoGen by 30.8% in the second quarter. Redmile Group LLC now owns 5,212,736 shares of the biotechnology company’s stock worth $37,063,000 after buying an additional 1,228,002 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of ImmunoGen during the second quarter worth $102,000. Hedge funds and other 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.