ImmunoGen, Inc. (IMGN) Earns Buy Rating from Canaccord Genuity
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.
ILLEGAL ACTIVITY WARNING: “ImmunoGen, Inc. (IMGN) Earns Buy Rating from Canaccord Genuity” was posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this news story on another domain, it was copied illegally and reposted in violation of US and international copyright legislation. The original version of this news story can be viewed at https://www.thecerbatgem.com/2017/09/02/immunogen-inc-imgn-earns-buy-rating-from-canaccord-genuity.html.
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.
Receive News & Stock Ratings for ImmunoGen Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ImmunoGen Inc. and related stocks with our FREE daily email newsletter.