ImmunoGen (NASDAQ:IMGN) Coverage Initiated at StockNews.com

StockNews.com started coverage on shares of ImmunoGen (NASDAQ:IMGN) in a research report sent to investors on Monday morning. The brokerage issued a hold rating on the biotechnology company’s stock.

Several other equities analysts also recently commented on IMGN. Guggenheim downgraded ImmunoGen from a buy rating to a neutral rating and raised their price target for the company from $25.00 to $31.00 in a research report on Friday, December 1st. BMO Capital Markets reaffirmed a market perform rating and issued a $31.00 price target on shares of ImmunoGen in a research report on Friday, December 1st. Barclays reaffirmed an equal weight rating and issued a $31.00 price target (up from $27.00) on shares of ImmunoGen in a research report on Friday, December 1st. Piper Sandler reaffirmed a neutral rating and issued a $31.00 price target (up from $24.00) on shares of ImmunoGen in a research report on Monday, December 4th. Finally, William Blair downgraded ImmunoGen from an outperform rating to a market perform rating in a research report on Thursday, November 30th. Ten research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $25.77.

ImmunoGen Stock Performance

ImmunoGen stock opened at $31.23 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 5.70 and a quick ratio of 5.65. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of -100.74 and a beta of 1.18. ImmunoGen has a one year low of $3.61 and a one year high of $31.25. The company’s fifty day moving average price is $30.70 and its two-hundred day moving average price is $24.14.

Insiders Place Their Bets

In other news, SVP Theresa Wingrove sold 187,667 shares of ImmunoGen stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $29.64, for a total value of $5,562,449.88. Following the completion of the transaction, the senior vice president now owns 3,426 shares in the company, valued at $101,546.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.07% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of IMGN. Rafferty Asset Management LLC lifted its holdings in ImmunoGen by 68.1% during the 3rd quarter. Rafferty Asset Management LLC now owns 566,985 shares of the biotechnology company’s stock worth $8,998,000 after buying an additional 229,699 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in ImmunoGen by 64.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,796,110 shares of the biotechnology company’s stock worth $28,504,000 after buying an additional 703,117 shares in the last quarter. TD Asset Management Inc lifted its holdings in ImmunoGen by 188.5% during the 3rd quarter. TD Asset Management Inc now owns 282,400 shares of the biotechnology company’s stock worth $4,482,000 after buying an additional 184,500 shares in the last quarter. Raymond James & Associates raised its position in shares of ImmunoGen by 890.1% during the 3rd quarter. Raymond James & Associates now owns 167,578 shares of the biotechnology company’s stock valued at $2,659,000 after acquiring an additional 150,652 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in shares of ImmunoGen by 14.3% during the 3rd quarter. New York State Common Retirement Fund now owns 324,926 shares of the biotechnology company’s stock valued at $5,157,000 after acquiring an additional 40,537 shares during the last quarter. Institutional investors own 90.50% of the company’s stock.

About ImmunoGen

ImmunoGen, Inc, a commercial-stage biotechnology company, focuses on developing and commercializing the antibody-drug conjugates (ADCs) for cancer patients. The company's product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha (FRa), for the treatment of platinum-resistant ovarian cancer; and a cell-surface protein expressed in various epithelial tumors, including ovarian, endometrial, and non-small-cell lung cancers, as well as Pivekimab sunirine, a CD123-targeting ADC that is in Phase II clinical trial for treating acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm.