ImmunoGen, Inc. (NASDAQ:IMGN) Expected to Post Quarterly Sales of $50.61 Million

Equities research analysts expect ImmunoGen, Inc. (NASDAQ:IMGN) to report sales of $50.61 million for the current quarter, Zacks reports. Six analysts have issued estimates for ImmunoGen’s earnings, with estimates ranging from $19.01 million to $61.20 million. ImmunoGen posted sales of $44.86 million during the same quarter last year, which suggests a positive year-over-year growth rate of 12.8%. The company is scheduled to issue its next earnings report on Friday, February 12th.

On average, analysts expect that ImmunoGen will report full year sales of $97.11 million for the current fiscal year, with estimates ranging from $65.51 million to $107.70 million. For the next year, analysts forecast that the company will post sales of $55.76 million, with estimates ranging from $16.20 million to $117.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow ImmunoGen.

ImmunoGen (NASDAQ:IMGN) last announced its quarterly earnings data on Friday, November 6th. The biotechnology company reported ($0.13) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.07. The firm had revenue of $18.19 million for the quarter, compared to the consensus estimate of $14.59 million.

IMGN has been the topic of several recent research reports. Zacks Investment Research upgraded ImmunoGen from a “hold” rating to a “buy” rating and set a $5.75 price target on the stock in a research report on Friday, November 27th. Canaccord Genuity restated a “buy” rating and set a $12.00 target price on shares of ImmunoGen in a report on Tuesday, October 20th. BidaskClub raised ImmunoGen from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, December 16th. Piper Sandler lifted their price objective on shares of ImmunoGen from $5.50 to $6.50 and gave the stock a “neutral” rating in a research note on Monday, December 7th. Finally, Guggenheim raised shares of ImmunoGen from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a research note on Friday, October 2nd. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $9.21.

IMGN stock traded up $0.06 during midday trading on Wednesday, reaching $7.02. The company’s stock had a trading volume of 1,172,740 shares, compared to its average volume of 2,788,998. The business’s 50-day simple moving average is $6.22 and its 200-day simple moving average is $4.83. ImmunoGen has a 52 week low of $1.95 and a 52 week high of $7.87. The stock has a market cap of $1.37 billion, a PE ratio of -17.12 and a beta of 1.61.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Skandinaviska Enskilda Banken AB publ bought a new position in ImmunoGen during the 2nd quarter worth about $653,000. Scotia Capital Inc. grew its holdings in shares of ImmunoGen by 28.8% during the second quarter. Scotia Capital Inc. now owns 22,335 shares of the biotechnology company’s stock worth $104,000 after buying an additional 5,000 shares in the last quarter. HighTower Advisors LLC acquired a new stake in ImmunoGen in the 2nd quarter valued at approximately $485,000. Rafferty Asset Management LLC lifted its stake in ImmunoGen by 591.1% in the 2nd quarter. Rafferty Asset Management LLC now owns 101,187 shares of the biotechnology company’s stock valued at $465,000 after acquiring an additional 86,546 shares in the last quarter. Finally, New York State Common Retirement Fund boosted its position in ImmunoGen by 20.8% during the 2nd quarter. New York State Common Retirement Fund now owns 157,400 shares of the biotechnology company’s stock worth $724,000 after acquiring an additional 27,100 shares during the last quarter. 61.59% of the stock is currently owned by hedge funds and other institutional investors.

ImmunoGen Company Profile

ImmunoGen, Inc, a clinical-stage biotechnology company, develops 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; and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm.

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Earnings History and Estimates for ImmunoGen (NASDAQ:IMGN)

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