ImmunoGen (NASDAQ:IMGN) Trading Up 12.4%

ImmunoGen, Inc. (NASDAQ:IMGN) shares were up 12.4% during mid-day trading on Wednesday . The company traded as high as $4.02 and last traded at $4.00, approximately 3,254,600 shares were traded during mid-day trading. An increase of 15% from the average daily volume of 2,840,595 shares. The stock had previously closed at $3.56.

Several analysts recently weighed in on the company. Leerink Swann reissued a “hold” rating on shares of ImmunoGen in a report on Tuesday, September 24th. HC Wainwright reissued a “buy” rating and set a $5.00 price target (up from $4.00) on shares of ImmunoGen in a report on Tuesday, August 13th. Cowen reissued a “buy” rating on shares of ImmunoGen in a report on Monday, September 30th. Finally, BidaskClub cut ImmunoGen from a “hold” rating to a “sell” rating in a report on Saturday, November 9th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $3.28.

The firm has a market capitalization of $598.80 million, a price-to-earnings ratio of -3.39 and a beta of 2.33. The company has a fifty day moving average of $3.11 and a two-hundred day moving average of $2.59.

ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings results on Friday, November 1st. The biotechnology company reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.19) by $0.04. The business had revenue of $13.30 million during the quarter, compared to analysts’ expectations of $10.38 million. ImmunoGen had a negative return on equity of 573.09% and a negative net margin of 292.57%. The firm’s revenue for the quarter was up 22.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.32) EPS. As a group, research analysts expect that ImmunoGen, Inc. will post -0.79 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. FDx Advisors Inc. acquired a new stake in ImmunoGen during the 2nd quarter worth approximately $25,000. ETRADE Capital Management LLC bought a new position in ImmunoGen during the 2nd quarter worth $26,000. Bank of Montreal Can increased its stake in ImmunoGen by 1,702.5% during the 2nd quarter. Bank of Montreal Can now owns 12,816 shares of the biotechnology company’s stock worth $27,000 after acquiring an additional 12,105 shares during the period. Public Employees Retirement System of Ohio bought a new position in ImmunoGen during the 3rd quarter worth $27,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in ImmunoGen during the 3rd quarter worth $36,000. 69.35% of the stock is owned by institutional investors and hedge funds.

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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