Paulson & CO. Inc. Purchases Shares of 229,222 ImmunoGen, Inc. (IMGN)
Paulson & CO. Inc. purchased a new position in shares of ImmunoGen, Inc. (NASDAQ:IMGN) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 229,222 shares of the biotechnology company’s stock, valued at approximately $1,630,000. Paulson & CO. Inc. owned approximately 0.20% of ImmunoGen at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in IMGN. FMR LLC grew its holdings in ImmunoGen by 598.9% during the second quarter. FMR LLC now owns 5,605,285 shares of the biotechnology company’s stock worth $39,854,000 after buying an additional 4,803,256 shares in the last quarter. Redmile Group LLC bought a new stake in ImmunoGen during the first quarter worth $15,421,000. State Street Corp grew its holdings in ImmunoGen by 159.1% during the second quarter. State Street Corp now owns 4,141,583 shares of the biotechnology company’s stock worth $29,450,000 after buying an additional 2,542,876 shares in the last quarter. Clearbridge Investments LLC grew its holdings in ImmunoGen by 6.5% during the first quarter. Clearbridge Investments LLC now owns 14,428,856 shares of the biotechnology company’s stock worth $55,840,000 after buying an additional 884,524 shares in the last quarter. Finally, EAM Investors LLC bought a new stake in ImmunoGen during the second quarter worth $4,144,000. Institutional investors and hedge funds own 72.85% of the company’s stock.
In other ImmunoGen news, VP Craig Barrows sold 14,600 shares of ImmunoGen stock in a transaction on Wednesday, September 13th. The stock was sold at an average price of $6.95, for a total value of $101,470.00. Following the completion of the sale, the vice president now owns 51,100 shares of the company’s stock, valued at approximately $355,145. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 6.51% of the stock is currently owned by company insiders.
Several equities research analysts recently issued reports on IMGN shares. Cowen and Company reiterated a “hold” rating on shares of ImmunoGen in a report on Tuesday, August 29th. William Blair reiterated an “outperform” rating on shares of ImmunoGen in a report on Monday, June 26th. BidaskClub downgraded ImmunoGen from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Cantor Fitzgerald set a $5.00 price objective on ImmunoGen and gave the stock a “hold” rating in a research report on Friday, July 28th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $6.00 price objective on shares of ImmunoGen in a research report on Wednesday, June 28th. Three 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. The company has an average rating of “Hold” and a consensus target price of $8.05.
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ImmunoGen (NASDAQ:IMGN) last posted 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 business had revenue of $39.02 million during the quarter, compared to the consensus estimate of $30.59 million. The firm’s revenue for the quarter was up 426.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.53) EPS.
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.
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