Pinnacle Associates Ltd. decreased its stake in shares of ImmunoGen, Inc. (NASDAQ:IMGN) by 4.5% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,517,639 shares of the biotechnology company’s stock after selling 72,320 shares during the period. Pinnacle Associates Ltd. owned approximately 1.74% of ImmunoGen worth $10,790,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of IMGN. Teachers Advisors LLC raised its stake in ImmunoGen by 10.6% in the fourth quarter. Teachers Advisors LLC now owns 209,859 shares of the biotechnology company’s stock valued at $428,000 after buying an additional 20,171 shares during the last quarter. Creative Planning raised its stake in ImmunoGen by 116.4% in the first quarter. Creative Planning now owns 53,444 shares of the biotechnology company’s stock valued at $207,000 after buying an additional 28,744 shares during the last quarter. Fisher Asset Management LLC raised its stake in ImmunoGen by 2.1% in the first quarter. Fisher Asset Management LLC now owns 253,676 shares of the biotechnology company’s stock valued at $982,000 after buying an additional 5,100 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in ImmunoGen during the first quarter valued at approximately $117,000. Finally, Janney Montgomery Scott LLC raised its stake in ImmunoGen by 11.1% in the first quarter. Janney Montgomery Scott LLC now owns 58,815 shares of the biotechnology company’s stock valued at $228,000 after buying an additional 5,893 shares during the last quarter. Institutional investors and hedge funds own 84.64% of the company’s stock.

Shares of ImmunoGen, Inc. (NASDAQ IMGN) opened at 8.07 on Friday. The stock’s market capitalization is $723.05 million. ImmunoGen, Inc. has a 12-month low of $1.51 and a 12-month high of $8.84. The company has a 50-day moving average of $6.32 and a 200 day moving average of $4.89.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, July 28th. The biotechnology company reported ($0.10) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.07. The firm had revenue of $39.02 million for the quarter, compared to analyst estimates of $30.59 million. During the same period last year, the firm earned ($0.53) EPS. The company’s revenue for the quarter was up 426.6% compared to the same quarter last year. Analysts predict that ImmunoGen, Inc. will post ($0.74) earnings per share for the current year.

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Several equities research analysts have recently commented on the stock. Canaccord Genuity reaffirmed a “buy” rating and set a $10.00 price target (up previously from $8.00) on shares of ImmunoGen in a research report on Wednesday. Cowen and Company reaffirmed a “hold” rating on shares of ImmunoGen in a research report on Tuesday. Leerink Swann reaffirmed a “buy” rating on shares of ImmunoGen in a research report on Tuesday. Cantor Fitzgerald reaffirmed a “hold” rating on shares of ImmunoGen in a research report on Tuesday. Finally, BidaskClub raised shares of ImmunoGen from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. ImmunoGen has a consensus rating of “Hold” and an average price target of $8.01.

About ImmunoGen

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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Institutional Ownership by Quarter for ImmunoGen (NASDAQ:IMGN)

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