ImmunoGen (NASDAQ:IMGN) Shares Down 5.6%


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Shares of ImmunoGen, Inc. (NASDAQ:IMGN) fell 5.6% during mid-day trading on Tuesday . The stock traded as low as $8.11 and last traded at $8.12. 59,587 shares were traded during trading, a decline of 98% from the average session volume of 2,555,762 shares. The stock had previously closed at $8.60.

Several brokerages have issued reports on IMGN. Zacks Investment Research downgraded shares of ImmunoGen from a “hold” rating to a “sell” rating and set a $9.50 price objective for the company. in a research report on Thursday, February 18th. HC Wainwright raised their price objective on shares of ImmunoGen from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, February 16th. Finally, TheStreet downgraded shares of ImmunoGen from a “c” rating to a “d+” rating in a research report on Friday, March 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. ImmunoGen currently has an average rating of “Hold” and a consensus target price of $10.00.

The business’s 50 day moving average is $8.71 and its 200-day moving average is $6.85. The firm has a market capitalization of $1.56 billion, a P/E ratio of -19.07 and a beta of 1.65.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Thursday, February 11th. The biotechnology company reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.24. The business had revenue of $85.80 million during the quarter, compared to the consensus estimate of $50.61 million. Analysts anticipate that ImmunoGen, Inc. will post -0.48 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of IMGN. Morgan Stanley grew its stake in shares of ImmunoGen by 158.7% in the fourth quarter. Morgan Stanley now owns 4,646,239 shares of the biotechnology company’s stock worth $29,968,000 after purchasing an additional 2,850,590 shares during the last quarter. Orbimed Advisors LLC bought a new stake in shares of ImmunoGen in the fourth quarter worth $16,473,000. BlackRock Inc. grew its stake in shares of ImmunoGen by 10.4% in the fourth quarter. BlackRock Inc. now owns 15,156,582 shares of the biotechnology company’s stock worth $97,758,000 after purchasing an additional 1,423,482 shares during the last quarter. Pura Vida Investments LLC bought a new stake in shares of ImmunoGen in the fourth quarter worth $3,969,000. Finally, Silverarc Capital Management LLC bought a new stake in shares of ImmunoGen in the fourth quarter worth $3,870,000. 72.95% of the stock is currently owned by institutional investors.

ImmunoGen Company Profile (NASDAQ:IMGN)

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; 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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