ImmunoGen, Inc. (NASDAQ:IMGN)’s share price dropped 2.6% on Wednesday . The company traded as low as $5.63 and last traded at $6.25. Approximately 2,808,200 shares traded hands during trading, a decline of 3% from the average daily volume of 2,888,778 shares. The stock had previously closed at $6.09.

IMGN has been the subject of a number of research reports. Zacks Investment Research upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research report on Tuesday, October 31st. Cantor Fitzgerald restated a “hold” rating on shares of ImmunoGen in a research report on Tuesday, August 29th. BidaskClub upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Jefferies Group LLC restated a “buy” rating and set a $9.00 target price on shares of ImmunoGen in a research report on Thursday, October 12th. Finally, Canaccord Genuity set a $8.00 target price on shares of ImmunoGen and gave the stock a “buy” rating in a research report on Monday, July 31st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the stock. ImmunoGen has an average rating of “Hold” and an average target price of $7.83.

The company has a quick ratio of 2.34, a current ratio of 2.81 and a debt-to-equity ratio of -0.03.

ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings data on Friday, November 3rd. The biotechnology company reported ($0.61) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.19) by ($0.42). The business had revenue of $8.50 million for the quarter, compared to analyst estimates of $26.09 million. During the same period in the prior year, the business earned ($0.51) EPS. The firm’s revenue was up 10.4% compared to the same quarter last year. analysts expect that ImmunoGen, Inc. will post -0.98 earnings per share for the current year.

In other ImmunoGen news, VP Craig Barrows sold 14,600 shares of the stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $6.95, for a total transaction of $101,470.00. Following the completion of the transaction, the vice president now owns 51,100 shares in the company, valued at $355,145. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 6.51% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. Schwab Charles Investment Management Inc. lifted its holdings in shares of ImmunoGen by 0.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 331,898 shares of the biotechnology company’s stock worth $2,360,000 after acquiring an additional 1,919 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of ImmunoGen by 1.0% in the 2nd quarter. Fisher Asset Management LLC now owns 256,206 shares of the biotechnology company’s stock worth $1,822,000 after acquiring an additional 2,530 shares during the last quarter. Parametric Portfolio Associates LLC lifted its holdings 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 acquiring an additional 2,753 shares during the last quarter. American International Group Inc. lifted its holdings in shares of ImmunoGen by 7.1% in the 1st quarter. American International Group Inc. now owns 51,863 shares of the biotechnology company’s stock worth $201,000 after acquiring an additional 3,418 shares during the last quarter. Finally, Voya Investment Management LLC lifted its holdings in shares of ImmunoGen by 10.0% in the 2nd quarter. Voya Investment Management LLC now owns 45,066 shares of the biotechnology company’s stock worth $320,000 after acquiring an additional 4,105 shares during the last quarter. Institutional investors and hedge funds own 73.18% of the company’s stock.

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About ImmunoGen

ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. 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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