ImmunoGen Inc. (IMGN) Downgraded to “Sell” at Zacks Investment Research
ImmunoGen Inc. (NASDAQ:IMGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “ImmunoGen, a development-stage biotechnology company, is focused on the development of targeted anti-cancer therapeutics using its ADC technology. The company has only a limited number of wholly owned candidates in its pipeline. Moreover, most of the company’s pipeline candidates are in early stages of development, which has its risks. It will be several years before any of these candidates are even close to commercialization. In such a scenario, successful development and subsequent approval of its lead pipeline candidate, mirvetuximab soravtansine (platinum-resistant ovarian cancer), is crucial for the company. ImmunoGen also plans to cut 17% of its workforce. The company’s heavy dependence on its partners for revenues is concerning. However, the company’s collaborations with big healthcare companies not only validate its technology but also provide it with funds in the form of milestone and royalty and other payments.”
A number of other equities research analysts also recently issued reports on IMGN. JPMorgan Chase & Co. set a $5.00 target price on shares of ImmunoGen and gave the company a “hold” rating in a report on Friday, August 5th. Cantor Fitzgerald restated a “hold” rating on shares of ImmunoGen in a report on Wednesday, June 8th. Finally, Jefferies Group restated a “buy” rating and issued a $6.00 target price (down from $13.00) on shares of ImmunoGen in a report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $10.99.
Shares of ImmunoGen (NASDAQ:IMGN) traded up 1.737% during mid-day trading on Wednesday, reaching $2.635. 401,605 shares of the company traded hands. ImmunoGen has a 52 week low of $2.53 and a 52 week high of $14.22. The company’s market capitalization is $230.10 million. The stock’s 50-day moving average is $2.84 and its 200-day moving average is $4.76.
ImmunoGen (NASDAQ:IMGN) last announced its earnings results on Thursday, August 4th. The biotechnology company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by $0.12. The business had revenue of $7.41 million for the quarter, compared to the consensus estimate of $17.11 million. The company’s revenue was down 41.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.35) EPS. On average, equities analysts predict that ImmunoGen will post ($1.59) EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in IMGN. BlackRock Fund Advisors increased its position in shares of ImmunoGen by 2.0% in the first quarter. BlackRock Fund Advisors now owns 3,194,295 shares of the biotechnology company’s stock valued at $27,215,000 after buying an additional 61,325 shares during the period. Fisher Asset Management LLC increased its position in shares of ImmunoGen by 3.9% in the second quarter. Fisher Asset Management LLC now owns 253,701 shares of the biotechnology company’s stock valued at $751,000 after buying an additional 9,476 shares during the period. Jacobs Levy Equity Management Inc. increased its position in shares of ImmunoGen by 551.0% in the first quarter. Jacobs Levy Equity Management Inc. now owns 225,900 shares of the biotechnology company’s stock valued at $1,925,000 after buying an additional 191,200 shares during the period. Bellevue Group AG purchased a new position in shares of ImmunoGen during the first quarter valued at $256,000. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new position in shares of ImmunoGen during the second quarter valued at $417,000. Institutional investors and hedge funds own 91.63% of the company’s stock.
ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. The Company is engaged in the discovery of monoclonal antibody-based anticancer therapeutics. An ADC with the Company’s technology comprises an antibody that binds to a target found on tumor cells conjugated to one of its anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target.
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