Shares of ImmunoGen, Inc. (NASDAQ:IMGN) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $4.82, but opened at $5.14. ImmunoGen shares last traded at $5.67, with a volume of 3778150 shares changing hands.

The biotechnology company reported ($0.28) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.05. ImmunoGen had a negative net margin of 176.35% and a negative return on equity of 673.66%. The company had revenue of $13.79 million during the quarter, compared to the consensus estimate of $12.42 million. During the same quarter last year, the firm posted ($0.11) EPS. The company’s quarterly revenue was down 65.0% on a year-over-year basis.

A number of research firms have recently issued reports on IMGN. ValuEngine upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating in a research note on Wednesday, October 17th. BidaskClub cut shares of ImmunoGen from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. William Blair restated an “outperform” rating on shares of ImmunoGen in a research note on Monday, October 22nd. Piper Jaffray Companies set a $14.00 target price on shares of ImmunoGen and gave the stock a “buy” rating in a research note on Sunday, December 2nd. Finally, HC Wainwright set a $18.00 target price on shares of ImmunoGen and gave the stock a “buy” rating in a research note on Tuesday, November 6th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $14.60.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Fox Run Management L.L.C. acquired a new stake in ImmunoGen in the 4th quarter worth about $73,000. Birchview Capital LP acquired a new stake in ImmunoGen in the 4th quarter worth about $106,000. Signition LP acquired a new stake in ImmunoGen in the 3rd quarter worth about $115,000. Jane Street Group LLC raised its stake in ImmunoGen by 226.1% in the 3rd quarter. Jane Street Group LLC now owns 12,866 shares of the biotechnology company’s stock worth $122,000 after purchasing an additional 23,072 shares in the last quarter. Finally, MML Investors Services LLC acquired a new stake in ImmunoGen in the 3rd quarter worth about $130,000. Institutional investors own 83.71% of the company’s stock.

The company has a current ratio of 4.59, a quick ratio of 4.56 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $845.34 million, a price-to-earnings ratio of -7.56 and a beta of 2.36.

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About ImmunoGen (NASDAQ:IMGN)

ImmunoGen, Inc, a clinical-stage biotechnology company, focuses on developing antibody-drug conjugate (ADC) therapies to treat cancer. Its product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha, which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm, as well as coltuximab ravtansine, a CD19-targeting ADC, which is in Phase II trial for DLBCL.

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