Piper Jaffray Companies assumed coverage on shares of ImmunoGen (NASDAQ:IMGN) in a research note issued to investors on Thursday, Marketbeat reports. The brokerage issued an overweight rating on the biotechnology company’s stock.
A number of other equities research analysts have also recently issued reports on the stock. BidaskClub cut shares of ImmunoGen from a hold rating to a sell rating in a report on Friday, July 27th. HC Wainwright restated a buy rating and set a $18.00 price target on shares of ImmunoGen in a report on Monday, July 30th. Cowen restated a hold rating on shares of ImmunoGen in a report on Friday, July 27th. ValuEngine upgraded shares of ImmunoGen from a buy rating to a strong-buy rating in a report on Saturday, June 2nd. Finally, Zacks Investment Research cut shares of ImmunoGen from a hold rating to a sell rating in a report on Thursday, August 2nd. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $12.42.
Shares of NASDAQ IMGN traded up $0.31 during midday trading on Thursday, reaching $9.63. 42,735 shares of the company’s stock were exchanged, compared to its average volume of 1,351,431. ImmunoGen has a 52-week low of $4.80 and a 52-week high of $13.41. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -12.75 and a beta of 1.95. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.73 and a current ratio of 5.76.
ImmunoGen (NASDAQ:IMGN) last announced its earnings results on Friday, July 27th. The biotechnology company reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.02). The firm had revenue of $9.29 million during the quarter, compared to analyst estimates of $14.12 million. During the same quarter last year, the firm posted ($0.10) earnings per share. The business’s revenue was down 76.2% on a year-over-year basis. research analysts predict that ImmunoGen will post -1.2 EPS for the current year.
Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new position in ImmunoGen in the 2nd quarter valued at approximately $115,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in ImmunoGen by 198.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,144 shares of the biotechnology company’s stock valued at $117,000 after acquiring an additional 7,411 shares during the period. Quantitative Systematic Strategies LLC acquired a new position in ImmunoGen in the 1st quarter valued at approximately $126,000. Private Advisor Group LLC acquired a new position in ImmunoGen in the 2nd quarter valued at approximately $131,000. Finally, Great West Life Assurance Co. Can increased its position in ImmunoGen by 75.1% in the 2nd quarter. Great West Life Assurance Co. Can now owns 15,767 shares of the biotechnology company’s stock valued at $153,000 after acquiring an additional 6,763 shares during the period. 83.77% of the stock is owned by hedge funds and other institutional investors.
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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