Jefferies Group LLC reissued their buy rating on shares of ImmunoGen, Inc. (NASDAQ:IMGN) in a research note published on Thursday morning. They currently have a $9.00 price objective on the biotechnology company’s stock.

A number of other brokerages also recently issued reports on IMGN. Zacks Investment Research downgraded ImmunoGen from a hold rating to a sell rating in a research note on Monday, July 10th. Cowen and Company reissued a hold rating on shares of ImmunoGen in a research note on Tuesday, August 29th. Canaccord Genuity reissued a buy rating and set a $10.00 target price (up from $8.00) on shares of ImmunoGen in a research note on Wednesday, August 30th. Royal Bank Of Canada raised ImmunoGen from a sector perform rating to an outperform rating and increased their target price for the stock from $5.00 to $12.00 in a research note on Thursday, July 6th. Finally, Cantor Fitzgerald set a $5.00 target price on ImmunoGen and gave the stock a hold rating in a research note on Friday, July 28th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. ImmunoGen presently has a consensus rating of Hold and an average target price of $8.05.

Shares of ImmunoGen (NASDAQ IMGN) opened at 5.97 on Thursday. The stock’s market capitalization is $534.89 million. The stock has a 50 day moving average price of $7.13 and a 200-day moving average price of $5.68. ImmunoGen has a 52-week low of $1.51 and a 52-week high of $8.84.

ImmunoGen (NASDAQ:IMGN) last issued its earnings results on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.07. The business had revenue of $39.02 million for the quarter, compared to analysts’ expectations of $30.59 million. The business’s quarterly revenue was up 426.6% on a year-over-year basis. During the same period last year, the company posted ($0.53) earnings per share. On average, equities research analysts anticipate that ImmunoGen will post ($0.73) EPS for the current fiscal year.

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In related news, VP Craig Barrows sold 14,600 shares of the firm’s stock in a transaction that occurred on Wednesday, September 13th. The stock was sold at an average price of $6.95, for a total value of $101,470.00. Following the completion of the transaction, the vice president now directly owns 51,100 shares of the company’s stock, valued at approximately $355,145. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.51% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Clearbridge Investments LLC increased its stake in 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 purchasing an additional 884,524 shares in the last quarter. FMR LLC increased its stake in 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 purchasing an additional 4,803,256 shares in the last quarter. Redmile Group LLC increased its stake in 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 purchasing an additional 1,228,002 shares in the last quarter. Vanguard Group Inc. increased its stake in 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 purchasing an additional 138,257 shares in the last quarter. Finally, State Street Corp increased its stake in 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 purchasing an additional 2,542,876 shares in the last quarter. 65.66% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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