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.

ILLEGAL ACTIVITY NOTICE: “ImmunoGen, Inc. (IMGN) Shares Gap Down to $8.36” was originally posted by Daily Political and is the property of of Daily Political. If you are viewing this news story on another domain, it was stolen and republished in violation of U.S. and international copyright laws. The original version of this news story can be accessed at https://www.dailypolitical.com/2017/09/03/immunogen-inc-imgn-shares-gap-down-to-8-36-2.html.

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.