Jefferies Group LLC Reiterates “Buy” Rating for ImmunoGen, Inc. (IMGN)
ImmunoGen, Inc. (NASDAQ:IMGN)‘s stock had its “buy” rating reissued by stock analysts at Jefferies Group LLC in a research report issued to clients and investors on Thursday. They currently have a $9.00 target price on the biotechnology company’s stock. Jefferies Group LLC’s target price would suggest a potential upside of 35.95% from the stock’s previous close.
Several other equities analysts have also recently weighed in on the company. Cantor Fitzgerald reissued a “hold” rating and set a $5.00 price target on shares of ImmunoGen in a report on Monday, September 25th. ValuEngine cut ImmunoGen from a “hold” rating to a “sell” rating in a report on Thursday, September 21st. Canaccord Genuity reissued a “buy” rating and set a $10.00 price target (up from $8.00) on shares of ImmunoGen in a report on Wednesday, August 30th. Cowen and Company reissued a “hold” rating on shares of ImmunoGen in a report on Tuesday, August 29th. Finally, Leerink Swann reissued a “buy” rating on shares of ImmunoGen in a report on Tuesday, August 29th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. ImmunoGen presently has an average rating of “Hold” and a consensus price target of $8.05.
Shares of ImmunoGen (NASDAQ:IMGN) opened at 6.62 on Thursday. The firm has a 50-day moving average price of $7.14 and a 200-day moving average price of $5.64. The stock’s market capitalization is $593.13 million. ImmunoGen has a 52-week low of $1.51 and a 52-week high of $8.84.
ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings results on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.07. The firm had revenue of $39.02 million for the quarter, compared to the consensus estimate of $30.59 million. ImmunoGen’s quarterly revenue was up 426.6% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.53) earnings per share. On average, analysts predict that ImmunoGen will post ($0.74) EPS for the current year.
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In other news, VP Craig Barrows sold 37,050 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $6.81, for a total value of $252,310.50. Following the completion of the sale, the vice president now directly owns 51,100 shares in the company, valued at approximately $347,991. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.51% of the company’s stock.
Several large investors have recently bought and sold shares of IMGN. Teachers Advisors LLC increased its stake in shares of ImmunoGen by 10.6% in the 4th quarter. Teachers Advisors LLC now owns 209,859 shares of the biotechnology company’s stock worth $428,000 after purchasing an additional 20,171 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of ImmunoGen by 15.4% in the 1st quarter. Bank of New York Mellon Corp now owns 438,917 shares of the biotechnology company’s stock worth $1,698,000 after purchasing an additional 58,516 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of ImmunoGen by 148.6% in the 1st quarter. UBS Asset Management Americas Inc. now owns 68,097 shares of the biotechnology company’s stock worth $264,000 after purchasing an additional 40,700 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of ImmunoGen in the 1st quarter worth $1,528,000. Finally, Parametric Portfolio Associates LLC increased its stake in shares of ImmunoGen by 7.7% in the 1st quarter. Parametric Portfolio Associates LLC now owns 38,492 shares of the biotechnology company’s stock worth $149,000 after purchasing an additional 2,753 shares in the last quarter. Hedge funds and other institutional investors own 65.66% 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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