ImmunoGen’s (IMGN) “Hold” Rating Reaffirmed at Cantor Fitzgerald
Cantor Fitzgerald reissued their hold rating on shares of ImmunoGen, Inc. (NASDAQ:IMGN) in a research note published on Friday. Cantor Fitzgerald currently has a $5.00 target price on the biotechnology company’s stock.
“FORWARD Progress. The nearest term commercial opportunity for IMGN is the FORWARD I trial, which is exploring mirvetuximab soravtansine (mirva”) as a single agent in 3rd line ovarian cancer in women who express high levels of the FRa receptor. This trial could read out in 2019 pending completion of enrollment in 2018.”,” the firm’s analyst commented.
A number of other equities research analysts also recently commented on IMGN. Royal Bank Of Canada upgraded shares of ImmunoGen from a sector perform rating to an outperform rating and raised their price objective for the company from $5.00 to $12.00 in a research report on Thursday, July 6th. Zacks Investment Research downgraded shares of ImmunoGen from a hold rating to a sell rating in a research report on Monday, July 10th. BidaskClub downgraded shares of ImmunoGen from a strong-buy rating to a buy rating in a research report on Wednesday, July 19th. Canaccord Genuity set a $8.00 price objective on shares of ImmunoGen and gave the company a buy rating in a research report on Monday, July 31st. Finally, Jefferies Group LLC restated a buy rating and issued a $9.00 price objective on shares of ImmunoGen in a research report on Monday, August 7th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. ImmunoGen presently has a consensus rating of Hold and a consensus target price of $7.83.
Shares of ImmunoGen (NASDAQ IMGN) traded up $0.56 during trading hours on Friday, reaching $5.63. 6,970,746 shares of the company were exchanged, compared to its average volume of 3,710,000. The company has a debt-to-equity ratio of -0.56, a current ratio of 2.40 and a quick ratio of 2.34. ImmunoGen has a 1 year low of $1.53 and a 1 year high of $8.84.
ImmunoGen (NASDAQ:IMGN) last announced its quarterly earnings data on Friday, November 3rd. The biotechnology company reported ($0.61) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.42). The company had revenue of $8.50 million for the quarter, compared to analysts’ expectations of $26.09 million. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.51) EPS. sell-side analysts anticipate that ImmunoGen will post -0.82 earnings per share for the current fiscal year.
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In other ImmunoGen news, VP Craig Barrows sold 37,050 shares of the stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $6.81, for a total value of $252,310.50. Following the completion of the transaction, the vice president now directly owns 51,100 shares of the company’s stock, valued at $347,991. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 6.51% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership purchased a new position in shares of ImmunoGen during the 2nd quarter worth approximately $102,000. Envestnet Asset Management Inc. increased its stake in shares of ImmunoGen by 2.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 27,761 shares of the biotechnology company’s stock worth $107,000 after purchasing an additional 743 shares in the last quarter. Gould Asset Management LLC CA purchased a new position in shares of ImmunoGen during the 2nd quarter worth approximately $107,000. Intl Fcstone Inc. purchased a new position in shares of ImmunoGen during the 2nd quarter worth approximately $115,000. Finally, Aperio Group LLC increased its stake in shares of ImmunoGen by 45.1% during the 2nd quarter. Aperio Group LLC now owns 16,797 shares of the biotechnology company’s stock worth $119,000 after purchasing an additional 5,221 shares in the last quarter. 73.03% of the stock is owned by institutional investors and hedge funds.
ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. 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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