ImmunoGen Inc. (NASDAQ:IMGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.
According to Zacks, “ImmunoGen, a development-stage biotechnology company, is focused on the development of targeted anti-cancer therapeutics using its ADC technology. The company has only a limited number of wholly owned candidates in its pipeline. Moreover, most of the company’s pipeline candidates are in early stages of development, which has its risks. It will be several years before any of these candidates are even close to commercialization. In such a scenario, successful development and subsequent approval of its lead pipeline candidate, mirvetuximab soravtansine (platinum-resistant ovarian cancer), is crucial for the company. ImmunoGen also plans to cut 17% of its workforce. The company’s heavy dependence on its partners for revenues is concerning. However, the company’s collaborations with big healthcare companies not only validate its technology but also provide it with funds in the form of milestone and royalty and other payments.”
Several other research analysts also recently weighed in on IMGN. JPMorgan Chase & Co. set a $5.00 price target on ImmunoGen and gave the stock a “hold” rating in a research note on Friday, August 5th. Cantor Fitzgerald restated a “hold” rating on shares of ImmunoGen in a research note on Wednesday, June 8th. Finally, Jefferies Group restated a “buy” rating and issued a $6.00 price target (down from $13.00) on shares of ImmunoGen in a research note on Friday, August 5th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $10.99.
ImmunoGen (NASDAQ:IMGN) opened at 2.58 on Wednesday. ImmunoGen has a 52 week low of $2.53 and a 52 week high of $14.22. The stock’s market capitalization is $225.30 million. The company has a 50 day moving average of $2.82 and a 200 day moving average of $4.73.
ImmunoGen (NASDAQ:IMGN) last posted its quarterly earnings results on Thursday, August 4th. The biotechnology company reported ($0.51) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.39) by $0.12. The business earned $7.41 million during the quarter, compared to analyst estimates of $17.11 million. During the same period last year, the firm earned ($0.35) EPS. ImmunoGen’s revenue for the quarter was down 41.2% compared to the same quarter last year. Equities analysts expect that ImmunoGen will post ($1.59) EPS for the current fiscal year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Los Angeles Capital Management & Equity Research Inc. bought a new stake in ImmunoGen during the second quarter valued at $417,000. Wade G W & Inc. acquired a new stake in ImmunoGen during the second quarter worth $102,000. Swiss National Bank raised its stake in ImmunoGen by 2.1% in the second quarter. Swiss National Bank now owns 159,400 shares of the biotechnology company’s stock worth $491,000 after buying an additional 3,300 shares during the last quarter. Quantitative Investment Management LLC raised its stake in ImmunoGen by 844.0% in the second quarter. Quantitative Investment Management LLC now owns 195,400 shares of the biotechnology company’s stock worth $601,000 after buying an additional 174,700 shares during the last quarter. Finally, Ngam Advisors L.P. raised its stake in ImmunoGen by 56.4% in the second quarter. Ngam Advisors L.P. now owns 294,290 shares of the biotechnology company’s stock worth $906,000 after buying an additional 106,083 shares during the last quarter. Institutional investors own 91.63% of the company’s stock.
ImmunoGen Company Profile
ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. The Company is engaged in the discovery of monoclonal antibody-based anticancer therapeutics. An ADC with the Company’s technology comprises an antibody that binds to a target found on tumor cells conjugated to one of its anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target.
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