ImmunoGen (IMGN) Rating Lowered to Hold at Zacks Investment Research
Zacks Investment Research cut shares of ImmunoGen (NASDAQ:IMGN) from a buy rating to a hold rating in a research report report published on Wednesday morning.
According to Zacks, “ImmunoGen reported wider-than-expected loss in the fourth quarter of 2017. However, revenues increased massively Year-over-year. The company has made a significant progress with regard to its lead ovarian cancer candidate, mirvetuximab soravtansine. Successful development and subsequent approval of the candidate will be a huge boost to the company as the ovarian cancer market has immense potential. The company has collaborations with big healthcare companies which not only validate its technology but also provides it with funds in the form of milestone and royalty payments. However, ImmunoGen is heavily dependent on its lead candidate, mirvetuximab soravtansine. Hence, any kind of development or a regulatory setback could hamper the stock. The ovarian cancer space being competitive is also a matter of concern for the company. The company’s shares have outperformed the broader industry in a year’s time.”
Several other research firms have also commented on IMGN. HC Wainwright set a $18.00 target price on ImmunoGen and gave the company a buy rating in a research note on Monday. Royal Bank of Canada restated an outperform rating and set a $12.00 price target on shares of ImmunoGen in a research note on Thursday, February 8th. BidaskClub upgraded ImmunoGen from a hold rating to a buy rating in a research note on Thursday, January 18th. Finally, Cantor Fitzgerald restated a hold rating and set a $5.00 price target on shares of ImmunoGen in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $9.10.
ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, February 9th. The biotechnology company reported ($0.10) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.03). The company had revenue of $39.40 million during the quarter, compared to analysts’ expectations of $39.62 million. The company’s revenue was up 185.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.39) EPS. equities analysts predict that ImmunoGen will post -1.04 EPS for the current fiscal year.
In other ImmunoGen news, Director Daniel M. Junius sold 46,667 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $10.01, for a total transaction of $467,136.67. Following the completion of the sale, the director now directly owns 243,367 shares in the company, valued at $2,436,103.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.51% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of IMGN. FMR LLC boosted its position in shares of ImmunoGen by 598.9% in 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 during the period. BlackRock Inc. boosted its position in shares of ImmunoGen by 54.7% in the fourth quarter. BlackRock Inc. now owns 8,470,097 shares of the biotechnology company’s stock worth $54,294,000 after buying an additional 2,996,116 shares during the period. State Street Corp boosted its position in shares of ImmunoGen by 159.1% in 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 during the period. Two Sigma Investments LP boosted its position in shares of ImmunoGen by 168.9% in the fourth quarter. Two Sigma Investments LP now owns 1,020,089 shares of the biotechnology company’s stock worth $6,539,000 after buying an additional 640,669 shares during the period. Finally, Two Sigma Advisers LP purchased a new stake in shares of ImmunoGen in the fourth quarter worth about $3,805,000. 67.97% of the stock is owned by institutional investors.
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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