HC Wainwright Reiterates $18.00 Price Target for ImmunoGen (IMGN)

ImmunoGen (NASDAQ:IMGN) received a $18.00 target price from equities research analysts at HC Wainwright in a research report issued to clients and investors on Monday. The brokerage currently has a “buy” rating on the biotechnology company’s stock. HC Wainwright’s price target suggests a potential upside of 48.76% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of ImmunoGen from a “buy” rating to a “hold” rating in a report on Wednesday, February 14th. BidaskClub raised shares of ImmunoGen from a “buy” rating to a “strong-buy” rating in a report on Friday, February 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $12.00 price target on shares of ImmunoGen in a report on Thursday, February 8th. Finally, ValuEngine downgraded shares of ImmunoGen from a “hold” rating to a “sell” rating in a report on Thursday, March 1st. Four analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $10.79.

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Shares of ImmunoGen (NASDAQ IMGN) opened at $12.10 on Monday. ImmunoGen has a 1-year low of $2.84 and a 1-year high of $13.00. The company has a debt-to-equity ratio of -0.11, a current ratio of 4.95 and a quick ratio of 4.94. The firm has a market cap of $1,607.44, a PE ratio of -11.86 and a beta of 2.17.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings results on Friday, February 9th. The biotechnology company reported ($0.10) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.07) by ($0.03). The business had revenue of $39.40 million for the quarter, compared to the consensus estimate of $39.62 million. During the same period last year, the firm earned ($0.39) earnings per share. The company’s revenue was up 185.5% compared to the same quarter last year. equities research analysts anticipate that ImmunoGen will post -1.09 earnings per share for the current fiscal year.

In other ImmunoGen news, CEO Mark J. Enyedy sold 67,717 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $10.87, for a total transaction of $736,083.79. Following the completion of the sale, the chief executive officer now directly owns 532,383 shares of the company’s stock, valued at $5,787,003.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel M. Junius sold 25,000 shares of the company’s stock in a transaction dated Friday, March 16th. The shares were sold at an average price of $12.02, for a total transaction of $300,500.00. Following the sale, the director now directly owns 209,987 shares of the company’s stock, valued at $2,524,043.74. The disclosure for this sale can be found here. Insiders have sold 232,834 shares of company stock valued at $2,534,433 over the last ninety days. Insiders own 6.51% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the business. Envestnet Asset Management Inc. lifted its stake in ImmunoGen by 25.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 32,285 shares of the biotechnology company’s stock valued at $207,000 after buying an additional 6,459 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of ImmunoGen by 75.7% in the 4th quarter. SG Americas Securities LLC now owns 18,416 shares of the biotechnology company’s stock valued at $118,000 after purchasing an additional 7,937 shares during the period. American International Group Inc. increased its holdings in shares of ImmunoGen by 19.2% in the 4th quarter. American International Group Inc. now owns 67,280 shares of the biotechnology company’s stock valued at $431,000 after purchasing an additional 10,849 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of ImmunoGen by 17.9% in the 4th quarter. The Manufacturers Life Insurance Company now owns 77,143 shares of the biotechnology company’s stock valued at $495,000 after purchasing an additional 11,735 shares during the period. Finally, TIAA CREF Investment Management LLC increased its holdings in shares of ImmunoGen by 2.3% in the 4th quarter. TIAA CREF Investment Management LLC now owns 720,223 shares of the biotechnology company’s stock valued at $4,617,000 after purchasing an additional 16,331 shares during the period. 78.25% of the stock is owned by institutional investors.

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About ImmunoGen

ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. 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.

Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

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