Short Interest in ImmunoGen, Inc. (IMGN) Drops By 9.7%
ImmunoGen, Inc. (NASDAQ:IMGN) was the recipient of a significant decrease in short interest in the month of February. As of February 28th, there was short interest totalling 11,294,066 shares, a decrease of 9.7% from the February 15th total of 12,504,771 shares. Based on an average daily trading volume, of 2,922,422 shares, the short-interest ratio is presently 3.9 days. Approximately 7.7% of the company’s stock are short sold.
Shares of ImmunoGen stock opened at $2.72 on Thursday. The company has a market capitalization of $407.89 million, a price-to-earnings ratio of -2.31 and a beta of 2.36. ImmunoGen has a 52 week low of $2.27 and a 52 week high of $13.41. The company has a debt-to-equity ratio of 0.04, a quick ratio of 4.56 and a current ratio of 4.59.
ImmunoGen (NASDAQ:IMGN) last announced its quarterly earnings results on Friday, February 8th. The biotechnology company reported ($0.28) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.33) by $0.05. The company had revenue of $13.79 million for the quarter, compared to analyst estimates of $12.42 million. ImmunoGen had a negative net margin of 311.94% and a negative return on equity of 499.19%. The firm’s revenue was down 65.0% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.11) earnings per share. Analysts anticipate that ImmunoGen will post -1.34 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC grew its position in shares of ImmunoGen by 6.0% during the fourth quarter. Geode Capital Management LLC now owns 1,717,770 shares of the biotechnology company’s stock worth $8,245,000 after acquiring an additional 96,984 shares during the last quarter. Norges Bank purchased a new position in shares of ImmunoGen during the fourth quarter worth approximately $2,056,000. Sofinnova Investments Inc. purchased a new position in shares of ImmunoGen during the fourth quarter worth approximately $2,146,000. Amalgamated Bank purchased a new position in shares of ImmunoGen during the fourth quarter worth approximately $104,000. Finally, grace capital grew its position in shares of ImmunoGen by 73.4% during the fourth quarter. grace capital now owns 68,500 shares of the biotechnology company’s stock worth $329,000 after acquiring an additional 29,000 shares during the last quarter. Institutional investors and hedge funds own 83.94% of the company’s stock.
IMGN has been the topic of several recent analyst reports. BidaskClub upgraded shares of ImmunoGen from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 27th. HC Wainwright set a $18.00 price target on shares of ImmunoGen and gave the company a “buy” rating in a research note on Monday, December 3rd. Piper Jaffray Companies set a $14.00 price target on shares of ImmunoGen and gave the company a “buy” rating in a research note on Sunday, December 2nd. ValuEngine lowered shares of ImmunoGen from a “hold” rating to a “sell” rating in a research note on Friday, February 8th. Finally, Morgan Stanley upgraded shares of ImmunoGen from an “underweight” rating to an “equal weight” rating and set a $2.68 price target on the stock in a research note on Tuesday, March 5th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $8.28.
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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