Shares of ImmunoGen, Inc. (NASDAQ:IMGN) rose 4% on Tuesday . The stock traded as high as $7.03 and last traded at $6.41. Approximately 2,024,000 shares changed hands during trading, a decline of 29% from the average daily volume of 2,861,662 shares. The stock had previously closed at $6.68.

IMGN has been the subject of several research analyst reports. Zacks Investment Research raised shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a research note on Tuesday, October 31st. Jefferies Group reissued a “buy” rating and issued a $9.00 price objective on shares of ImmunoGen in a research note on Thursday, October 12th. Cantor Fitzgerald reissued a “hold” rating and issued a $5.00 price objective on shares of ImmunoGen in a research note on Friday, November 3rd. Finally, ValuEngine downgraded shares of ImmunoGen from a “hold” rating to a “sell” rating in a research note on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. ImmunoGen currently has a consensus rating of “Hold” and an average target price of $7.83.

The firm has a market capitalization of $1,060.00, a P/E ratio of -5.25 and a beta of 2.20. The company has a debt-to-equity ratio of -0.03, a current ratio of 2.81 and a quick ratio of 2.78.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, November 3rd. The biotechnology company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.42). The company had revenue of $8.50 million for the quarter, compared to the consensus estimate of $26.09 million. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same period last year, the business earned ($0.51) earnings per share. equities analysts predict that ImmunoGen, Inc. will post -0.97 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMGN. Aperio Group LLC grew its holdings in ImmunoGen by 45.1% in the second 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 during the last quarter. Russell Investments Group Ltd. purchased a new position in ImmunoGen in the second quarter worth $872,000. Schwab Charles Investment Management Inc. grew its holdings in ImmunoGen by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 331,898 shares of the biotechnology company’s stock worth $2,360,000 after purchasing an additional 1,919 shares during the last quarter. State of Wisconsin Investment Board purchased a new position in ImmunoGen in the second quarter worth $412,000. Finally, Bank of New York Mellon Corp grew its holdings in ImmunoGen by 31.7% in the second quarter. Bank of New York Mellon Corp now owns 577,840 shares of the biotechnology company’s stock worth $4,108,000 after purchasing an additional 138,923 shares during the last quarter. 68.02% of the stock is currently owned by institutional investors and hedge funds.

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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. 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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