ImmunoGen, Inc. (NASDAQ:IMGN) shares traded down 5.2% during trading on Tuesday . The company traded as low as $7.57 and last traded at $7.65. 4,510,442 shares were traded during mid-day trading, an increase of 33% from the average session volume of 3,378,810 shares. The stock had previously closed at $8.07.

A number of research analysts recently commented on the company. Canaccord Genuity reaffirmed a “buy” rating and issued a $10.00 price target (up previously from $8.00) on shares of ImmunoGen in a research note on Wednesday, August 30th. Cowen and Company reaffirmed a “hold” rating on shares of ImmunoGen in a research note on Tuesday, August 29th. Leerink Swann reaffirmed a “buy” rating on shares of ImmunoGen in a research note on Tuesday, August 29th. Cantor Fitzgerald reaffirmed a “hold” rating on shares of ImmunoGen in a research note on Tuesday, August 29th. Finally, BidaskClub raised ImmunoGen from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $8.01.

The company has a 50-day moving average of $6.30 and a 200 day moving average of $4.94. The firm’s market capitalization is $685.42 million.

ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings results on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.07. The business had revenue of $39.02 million during the quarter, compared to analysts’ expectations of $30.59 million. During the same period in the previous year, the business earned ($0.53) EPS. The business’s revenue was up 426.6% on a year-over-year basis. On average, analysts forecast that ImmunoGen, Inc. will post ($0.74) EPS for the current year.

Several large investors have recently added to or reduced their stakes in the business. Clearbridge Investments LLC raised its holdings in shares of ImmunoGen by 6.5% in the 1st quarter. Clearbridge Investments LLC now owns 14,428,856 shares of the biotechnology company’s stock valued at $55,840,000 after acquiring an additional 884,524 shares in the last quarter. FMR LLC raised its holdings in shares of ImmunoGen by 598.9% in the 2nd quarter. FMR LLC now owns 5,605,285 shares of the biotechnology company’s stock valued at $39,854,000 after acquiring an additional 4,803,256 shares in the last quarter. Redmile Group LLC raised its holdings in shares of ImmunoGen by 30.8% in the 2nd quarter. Redmile Group LLC now owns 5,212,736 shares of the biotechnology company’s stock valued at $37,063,000 after acquiring an additional 1,228,002 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of ImmunoGen by 3.4% in the 2nd quarter. Vanguard Group Inc. now owns 4,248,688 shares of the biotechnology company’s stock valued at $30,209,000 after acquiring an additional 138,257 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of ImmunoGen by 159.1% in the 2nd quarter. State Street Corp now owns 4,141,583 shares of the biotechnology company’s stock valued at $29,450,000 after acquiring an additional 2,542,876 shares in the last quarter. 84.64% of the stock is currently owned by hedge funds and other institutional investors.

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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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