ImmunoGen, Inc. (NASDAQ:IMGN) Position Cut by Alliancebernstein L.P.

Alliancebernstein L.P. cut its stake in shares of ImmunoGen, Inc. (NASDAQ:IMGN) by 22.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,264 shares of the biotechnology company’s stock after selling 34,700 shares during the period. Alliancebernstein L.P.’s holdings in ImmunoGen were worth $458,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of IMGN. State Street Corp increased its stake in shares of ImmunoGen by 3.1% in the fourth quarter. State Street Corp now owns 1,526,398 shares of the biotechnology company’s stock valued at $3,115,000 after buying an additional 45,628 shares during the period. Norges Bank purchased a new stake in shares of ImmunoGen during the fourth quarter valued at about $3,123,000. Teachers Advisors LLC increased its stake in shares of ImmunoGen by 10.6% in the fourth quarter. Teachers Advisors LLC now owns 209,859 shares of the biotechnology company’s stock valued at $428,000 after buying an additional 20,171 shares during the period. Creative Planning increased its stake in shares of ImmunoGen by 116.4% in the first quarter. Creative Planning now owns 53,444 shares of the biotechnology company’s stock valued at $207,000 after buying an additional 28,744 shares during the period. Finally, Baxter Bros Inc. increased its stake in shares of ImmunoGen by 20.8% in the first quarter. Baxter Bros Inc. now owns 58,000 shares of the biotechnology company’s stock valued at $224,000 after buying an additional 10,000 shares during the period. Institutional investors and hedge funds own 74.38% of the company’s stock.

Shares of ImmunoGen, Inc. (NASDAQ IMGN) opened at 5.74 on Thursday. The firm’s 50-day moving average is $6.42 and its 200 day moving average is $4.38. The firm’s market capitalization is $514.29 million. ImmunoGen, Inc. has a 12 month low of $1.51 and a 12 month high of $8.04.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, July 28th. The biotechnology company reported ($0.10) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.07. The company had revenue of $39.02 million for the quarter, compared to the consensus estimate of $30.59 million. During the same period in the prior year, the company earned ($0.53) earnings per share. The firm’s revenue was up 426.6% on a year-over-year basis. On average, equities research analysts anticipate that ImmunoGen, Inc. will post ($0.84) EPS for the current year.

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IMGN has been the subject of several recent analyst reports. Jefferies Group LLC reiterated a “buy” rating and issued a $6.00 target price on shares of ImmunoGen in a research note on Wednesday, April 12th. Leerink Swann upgraded shares of ImmunoGen from a “market perform” rating to an “outperform” rating and raised their target price for the company from $3.53 to $3.90 in a research note on Wednesday, April 19th. Royal Bank Of Canada set a $5.00 target price on shares of ImmunoGen and gave the company a “hold” rating in a research note on Saturday, May 6th. Cowen and Company reiterated a “hold” rating on shares of ImmunoGen in a research note on Saturday, May 6th. Finally, Canaccord Genuity set a $6.00 target price on shares of ImmunoGen and gave the company a “buy” rating in a research note on Saturday, May 6th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. ImmunoGen has an average rating of “Hold” and a consensus target price of $7.72.

About ImmunoGen

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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Institutional Ownership by Quarter for ImmunoGen (NASDAQ:IMGN)

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