ImmunoGen (NASDAQ:IMGN) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research note issued on Wednesday.

A number of other equities research analysts also recently weighed in on the company. HC Wainwright set a $18.00 price objective on ImmunoGen and gave the company a “buy” rating in a research report on Monday, October 8th. Zacks Investment Research raised ImmunoGen from a “sell” rating to a “hold” rating in a research report on Monday, September 24th. Guggenheim began coverage on ImmunoGen in a research report on Monday, September 17th. They set a “buy” rating on the stock. Piper Jaffray Companies began coverage on ImmunoGen in a research report on Thursday, September 6th. They set an “overweight” rating on the stock. Finally, BidaskClub raised ImmunoGen from a “sell” rating to a “hold” rating in a research report on Thursday, August 23rd. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $13.10.

Shares of ImmunoGen stock traded down $0.06 during trading on Wednesday, hitting $7.73. 29,497 shares of the stock traded hands, compared to its average volume of 2,094,340. The firm has a market cap of $1.18 billion, a P/E ratio of -10.31 and a beta of 1.96. The company has a current ratio of 5.76, a quick ratio of 5.73 and a debt-to-equity ratio of 0.02. ImmunoGen has a 52-week low of $4.80 and a 52-week high of $13.41.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, July 27th. The biotechnology company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.02). The company had revenue of $9.29 million during the quarter, compared to the consensus estimate of $14.12 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. ImmunoGen’s quarterly revenue was down 76.2% compared to the same quarter last year. Analysts forecast that ImmunoGen will post -1.22 earnings per share for the current year.

In related news, VP Anna Berkenblit sold 5,851 shares of the firm’s stock in a transaction dated Tuesday, October 16th. The stock was sold at an average price of $8.00, for a total transaction of $46,808.00. Following the sale, the vice president now owns 132,769 shares of the company’s stock, valued at $1,062,152. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 4.44% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC acquired a new stake in ImmunoGen in the second quarter worth about $115,000. Private Advisor Group LLC acquired a new stake in ImmunoGen in the second quarter worth about $131,000. Great West Life Assurance Co. Can boosted its holdings in ImmunoGen by 75.1% in the second quarter. Great West Life Assurance Co. Can now owns 15,767 shares of the biotechnology company’s stock worth $153,000 after acquiring an additional 6,763 shares in the last quarter. Element Capital Management LLC acquired a new stake in ImmunoGen in the first quarter worth about $181,000. Finally, Xact Kapitalforvaltning AB acquired a new stake in ImmunoGen in the first quarter worth about $196,000. 83.77% of the stock is owned by institutional investors and hedge funds.

About ImmunoGen

ImmunoGen, Inc, a clinical-stage biotechnology company, focuses on developing antibody-drug conjugate (ADC) therapies to treat cancer. Its product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha, which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm, as well as coltuximab ravtansine, a CD19-targeting ADC, which is in Phase II trial for DLBCL.

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Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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