ImmunoGen (NASDAQ:IMGN) Trading Down 11%

ImmunoGen, Inc. (NASDAQ:IMGN)’s stock price traded down 11% on Monday . The company traded as low as $2.35 and last traded at $2.42, 2,637,500 shares were traded during mid-day trading. A decline of 16% from the average session volume of 3,145,300 shares. The stock had previously closed at $2.72.

A number of equities analysts have weighed in on the stock. Leerink Swann reissued a “hold” rating on shares of ImmunoGen in a research report on Tuesday, September 24th. Cowen reissued a “buy” rating on shares of ImmunoGen in a research report on Thursday, June 27th. BidaskClub raised shares of ImmunoGen from a “strong sell” rating to a “sell” rating in a research report on Saturday, July 6th. ValuEngine raised shares of ImmunoGen from a “sell” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, HC Wainwright restated a “buy” rating and issued a $5.00 target price (up previously from $4.00) on shares of ImmunoGen in a research note on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $3.28.

The firm has a market cap of $362.72 million, a price-to-earnings ratio of -2.05 and a beta of 2.19. The business’s 50 day moving average price is $2.86 and its 200-day moving average price is $2.51. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.48 and a current ratio of 3.48.

ImmunoGen (NASDAQ:IMGN) last issued its earnings results on Friday, August 2nd. The biotechnology company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.03. The business had revenue of $15.54 million for the quarter, compared to analyst estimates of $10.33 million. ImmunoGen had a negative net margin of 357.97% and a negative return on equity of 573.13%. On average, analysts forecast that ImmunoGen, Inc. will post -0.96 earnings per share for the current fiscal year.

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of ImmunoGen by 272.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 1,401,637 shares of the biotechnology company’s stock valued at $2,874,000 after purchasing an additional 1,025,242 shares in the last quarter. Jennison Associates LLC raised its stake in ImmunoGen by 37.2% during the first quarter. Jennison Associates LLC now owns 1,471,676 shares of the biotechnology company’s stock worth $3,988,000 after acquiring an additional 398,855 shares during the period. DekaBank Deutsche Girozentrale raised its stake in ImmunoGen by 63.7% during the second quarter. DekaBank Deutsche Girozentrale now owns 90,200 shares of the biotechnology company’s stock worth $185,000 after acquiring an additional 35,100 shares during the period. Walleye Trading Advisors LLC acquired a new stake in ImmunoGen during the second quarter worth about $87,000. Finally, Quantitative Systematic Strategies LLC raised its stake in ImmunoGen by 87.2% during the second quarter. Quantitative Systematic Strategies LLC now owns 20,301 shares of the biotechnology company’s stock worth $44,000 after acquiring an additional 9,459 shares during the period. Institutional investors and hedge funds own 68.07% of the company’s stock.

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; 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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