ValuEngine Lowers ImmunoGen (NASDAQ:IMGN) to Strong Sell

ValuEngine cut shares of ImmunoGen (NASDAQ:IMGN) from a sell rating to a strong sell rating in a research note issued to investors on Monday, ValuEngine reports.

Several other research analysts have also recently weighed in on IMGN. Zacks Investment Research raised shares of ImmunoGen from a sell rating to a hold rating and set a $7.50 price target on the stock in a report on Tuesday, February 18th. Cowen reissued a buy rating on shares of ImmunoGen in a report on Tuesday, December 10th. BidaskClub cut shares of ImmunoGen from a sell rating to a strong sell rating in a report on Wednesday, March 18th. Finally, HC Wainwright reissued a buy rating and issued a $9.00 price target (up from $5.00) on shares of ImmunoGen in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $5.23.

ImmunoGen stock opened at $3.54 on Monday. The stock has a market cap of $594.43 million, a P/E ratio of -4.99 and a beta of 2.48. ImmunoGen has a twelve month low of $1.76 and a twelve month high of $7.07. The company’s 50-day moving average price is $4.32 and its two-hundred day moving average price is $3.82.

ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings results on Friday, February 14th. The biotechnology company reported $0.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.08. The company had revenue of $44.86 million during the quarter, compared to the consensus estimate of $29.24 million. As a group, equities analysts forecast that ImmunoGen will post -0.67 EPS for the current year.

In other news, SVP Thomas Ryll sold 16,790 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $4.99, for a total transaction of $83,782.10. Following the transaction, the senior vice president now directly owns 75,624 shares of the company’s stock, valued at $377,363.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark J. Enyedy sold 55,222 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $4.99, for a total transaction of $275,557.78. Following the transaction, the chief executive officer now directly owns 433,776 shares in the company, valued at $2,164,542.24. The disclosure for this sale can be found here. Insiders have sold 88,504 shares of company stock worth $441,635 over the last ninety days. Insiders own 3.77% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in the company. Redmile Group LLC increased its holdings in shares of ImmunoGen by 4.7% during the third quarter. Redmile Group LLC now owns 14,616,560 shares of the biotechnology company’s stock worth $35,372,000 after purchasing an additional 661,766 shares during the period. Renaissance Technologies LLC increased its holdings in shares of ImmunoGen by 25.6% during the fourth quarter. Renaissance Technologies LLC now owns 10,707,139 shares of the biotechnology company’s stock worth $54,660,000 after purchasing an additional 2,184,100 shares during the period. State Street Corp increased its holdings in shares of ImmunoGen by 110.3% during the third quarter. State Street Corp now owns 6,209,347 shares of the biotechnology company’s stock worth $15,027,000 after purchasing an additional 3,256,351 shares during the period. Palo Alto Investors LP bought a new position in shares of ImmunoGen during the fourth quarter worth approximately $125,335,000. Finally, Geode Capital Management LLC increased its holdings in shares of ImmunoGen by 4.3% during the fourth quarter. Geode Capital Management LLC now owns 2,420,015 shares of the biotechnology company’s stock worth $12,354,000 after purchasing an additional 99,317 shares during the period. 67.55% of the stock is currently owned by institutional investors.

ImmunoGen Company Profile

ImmunoGen, Inc, a clinical-stage biotechnology company, develops 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.

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