ImmunoGen (IMGN) PT Set at $18.00 by HC Wainwright

ImmunoGen (NASDAQ:IMGN) has been given a $18.00 price objective by analysts at HC Wainwright in a report released on Monday. The firm currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price target indicates a potential upside of 224.91% from the company’s current price.

A number of other brokerages have also commented on IMGN. Zacks Investment Research raised ImmunoGen from a “sell” rating to a “hold” rating in a report on Monday, September 3rd. BidaskClub upgraded ImmunoGen from a “sell” rating to a “hold” rating in a research note on Thursday, August 23rd. Piper Jaffray Companies initiated coverage on ImmunoGen in a research note on Thursday, September 6th. They issued an “overweight” rating on the stock. Guggenheim initiated coverage on ImmunoGen in a research note on Monday, September 17th. They issued a “buy” rating on the stock. Finally, ValuEngine upgraded ImmunoGen from a “hold” rating to a “buy” rating in a research note on Wednesday, October 17th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $14.60.

Shares of IMGN opened at $5.54 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 4.59 and a quick ratio of 4.56. The company has a market cap of $821.49 million, a price-to-earnings ratio of -7.39 and a beta of 2.56. ImmunoGen has a 52 week low of $5.16 and a 52 week high of $13.41.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, November 2nd. The biotechnology company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.01. The firm had revenue of $10.90 million during the quarter, compared to analyst estimates of $13.60 million. ImmunoGen had a negative return on equity of 673.66% and a negative net margin of 176.35%. The company’s revenue for the quarter was up 28.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.61) EPS. Analysts expect that ImmunoGen will post -1.24 EPS for the current year.

In other ImmunoGen news, Director Mark Alan Goldberg bought 30,000 shares of the business’s stock in a transaction dated Tuesday, November 6th. The shares were purchased at an average price of $5.76 per share, for a total transaction of $172,800.00. Following the purchase, the director now directly owns 53,800 shares of the company’s stock, valued at $309,888. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Anna Berkenblit sold 5,851 shares of the business’s stock in a transaction that occurred on Tuesday, October 16th. The stock was sold at an average price of $8.00, for a total value of $46,808.00. Following the completion of the transaction, the vice president now owns 132,769 shares in the company, valued at approximately $1,062,152. The disclosure for this sale can be found here. 4.44% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in IMGN. Redmile Group LLC lifted its stake in ImmunoGen by 26.9% in the second quarter. Redmile Group LLC now owns 12,315,942 shares of the biotechnology company’s stock valued at $119,834,000 after purchasing an additional 2,613,460 shares during the last quarter. BlackRock Inc. lifted its stake in ImmunoGen by 10.0% in the third quarter. BlackRock Inc. now owns 11,481,977 shares of the biotechnology company’s stock valued at $108,733,000 after purchasing an additional 1,045,627 shares during the last quarter. Vanguard Group Inc. lifted its stake in ImmunoGen by 4.0% in the third quarter. Vanguard Group Inc. now owns 10,158,434 shares of the biotechnology company’s stock valued at $96,201,000 after purchasing an additional 390,917 shares during the last quarter. FMR LLC lifted its stake in ImmunoGen by 34.0% in the second quarter. FMR LLC now owns 8,704,234 shares of the biotechnology company’s stock valued at $84,692,000 after purchasing an additional 2,208,796 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in ImmunoGen by 35.8% in the second quarter. Renaissance Technologies LLC now owns 6,525,300 shares of the biotechnology company’s stock valued at $63,491,000 after purchasing an additional 1,719,360 shares during the last quarter. Hedge funds and other institutional investors own 83.73% of the company’s stock.

ImmunoGen Company Profile

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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Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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