Canaccord Genuity reaffirmed their buy rating on shares of ImmunoGen, Inc. (NASDAQ:IMGN) in a research note released on Wednesday morning. Canaccord Genuity currently has a $10.00 target price on the biotechnology company’s stock, up from their prior target price of $8.00.

A number of other equities research analysts have also recently commented on IMGN. Royal Bank Of Canada set a $5.00 price objective on shares of ImmunoGen and gave the company a hold rating in a research note on Saturday, May 6th. Cowen and Company reissued a hold rating on shares of ImmunoGen in a research note on Saturday, May 6th. Cantor Fitzgerald reissued a hold rating and issued a $5.00 price objective on shares of ImmunoGen in a research note on Monday, May 8th. Jefferies Group LLC reissued a buy rating and issued a $6.00 price objective on shares of ImmunoGen in a research note on Thursday, May 18th. Finally, Leerink Swann reissued an outperform rating and issued a $11.00 price objective (up from $8.00) on shares of ImmunoGen in a research note on Monday, June 19th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $8.01.

ImmunoGen (IMGN) traded down 3.47% during trading on Wednesday, hitting $8.07. 5,488,867 shares of the stock traded hands. ImmunoGen has a 52-week low of $1.51 and a 52-week high of $8.84. The company’s 50 day moving average price is $6.32 and its 200-day moving average price is $4.89. The stock’s market cap is $723.05 million.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, July 28th. The biotechnology company reported ($0.10) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.07. The business had revenue of $39.02 million during the quarter, compared to analyst estimates of $30.59 million. ImmunoGen’s revenue was up 426.6% on a year-over-year basis. During the same period in the previous year, the company posted ($0.53) earnings per share. Equities research analysts forecast that ImmunoGen will post ($0.74) earnings per share for the current fiscal year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Intl Fcstone Inc. purchased a new position in ImmunoGen during the second quarter worth about $115,000. Bank of Nova Scotia purchased a new position in ImmunoGen during the second quarter worth about $591,000. Raymond James Financial Services Advisors Inc. purchased a new position in ImmunoGen during the second quarter worth about $126,000. Redmile Group LLC raised its position in ImmunoGen by 30.8% in the second quarter. Redmile Group LLC now owns 5,212,736 shares of the biotechnology company’s stock worth $37,063,000 after buying an additional 1,228,002 shares during the period. Finally, Arrowstreet Capital Limited Partnership purchased a new position in ImmunoGen during the second quarter worth about $102,000. Institutional investors own 84.64% of the company’s stock.

ImmunoGen Company Profile

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.

Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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