Bank of America Corp DE lifted its stake in shares of ImmunoGen, Inc. (NASDAQ:IMGN) by 21.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,213,221 shares of the biotechnology company’s stock after purchasing an additional 216,420 shares during the quarter. Bank of America Corp DE’s holdings in ImmunoGen were worth $11,804,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Voya Investment Management LLC grew its holdings in shares of ImmunoGen by 4,117.8% during the 2nd quarter. Voya Investment Management LLC now owns 1,849,256 shares of the biotechnology company’s stock valued at $17,993,000 after purchasing an additional 1,805,412 shares during the last quarter. Raymond James & Associates grew its holdings in shares of ImmunoGen by 3.8% during the 2nd quarter. Raymond James & Associates now owns 648,758 shares of the biotechnology company’s stock valued at $6,312,000 after purchasing an additional 23,459 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of ImmunoGen by 35.8% during the 2nd 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. Federated Investors Inc. PA grew its holdings in shares of ImmunoGen by 158.9% during the 2nd quarter. Federated Investors Inc. PA now owns 53,455 shares of the biotechnology company’s stock valued at $520,000 after purchasing an additional 32,812 shares during the last quarter. Finally, FMR LLC grew its holdings in shares of ImmunoGen by 34.0% during the 2nd 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. 83.76% of the stock is currently owned by institutional investors.

NASDAQ:IMGN opened at $7.38 on Friday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.73 and a current ratio of 5.76. ImmunoGen, Inc. has a one year low of $4.80 and a one year high of $13.41. The company has a market cap of $1.41 billion, a P/E ratio of -9.84 and a beta of 1.96.

ImmunoGen (NASDAQ:IMGN) last posted its earnings results on Friday, July 27th. The biotechnology company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.02). The company had revenue of $9.29 million for the quarter, compared to analyst estimates of $14.12 million. During the same quarter in the previous year, the company posted ($0.10) EPS. ImmunoGen’s revenue for the quarter was down 76.2% compared to the same quarter last year. On average, analysts expect that ImmunoGen, Inc. will post -1.19 earnings per share for the current fiscal year.

In related news, VP Anna Berkenblit sold 5,851 shares of ImmunoGen stock in a transaction that occurred on Monday, September 10th. The shares were sold at an average price of $9.46, for a total transaction of $55,350.46. Following the sale, the vice president now directly owns 138,620 shares in the company, valued at approximately $1,311,345.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 4.44% of the stock is owned by company insiders.

Several equities research analysts recently issued reports on the stock. ValuEngine raised shares of ImmunoGen from a “buy” rating to a “strong-buy” rating in a report on Friday, June 22nd. BidaskClub raised shares of ImmunoGen from a “hold” rating to a “buy” rating in a report on Thursday, June 21st. Zacks Investment Research upgraded shares of ImmunoGen from a “sell” rating to a “hold” rating in a research report on Monday, September 3rd. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of ImmunoGen in a research report on Monday, July 30th. Finally, Cowen reiterated a “hold” rating on shares of ImmunoGen in a research report on Friday, July 27th. Five equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $13.10.

ImmunoGen 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.

See Also: Leveraged Buyout (LBO)

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Institutional Ownership by Quarter for ImmunoGen (NASDAQ:IMGN)

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