ImmunoGen (IMGN) Lifted to “Sell” at BidaskClub
BidaskClub upgraded shares of ImmunoGen (NASDAQ:IMGN) from a strong sell rating to a sell rating in a report released on Tuesday.
IMGN has been the subject of several other reports. HC Wainwright set a $18.00 price objective on ImmunoGen and gave the company a buy rating in a research report on Tuesday, June 5th. Cowen reissued a hold rating on shares of ImmunoGen in a research report on Thursday, May 17th. Zacks Investment Research cut ImmunoGen from a hold rating to a sell rating in a research report on Monday, April 16th. ValuEngine raised ImmunoGen from a buy rating to a strong-buy rating in a research report on Saturday, June 2nd. Finally, Canaccord Genuity reissued a buy rating and issued a $20.00 price objective on shares of ImmunoGen in a research report on Friday, April 27th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of Hold and a consensus price target of $12.42.
IMGN opened at $8.95 on Tuesday. ImmunoGen has a 1-year low of $4.80 and a 1-year high of $13.41. The company has a debt-to-equity ratio of 0.02, a current ratio of 5.76 and a quick ratio of 5.73. The company has a market capitalization of $1.33 billion, a PE ratio of -11.93 and a beta of 2.02.
In related news, CFO David Brannon Johnston sold 10,000 shares of the company’s stock in a transaction on Wednesday, June 6th. The stock was sold at an average price of $11.02, for a total value of $110,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.44% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the stock. UBS Group AG raised its stake in shares of ImmunoGen by 356.1% in the first quarter. UBS Group AG now owns 476,323 shares of the biotechnology company’s stock valued at $5,011,000 after purchasing an additional 371,886 shares in the last quarter. Russell Investments Group Ltd. raised its stake in ImmunoGen by 51.6% during the first quarter. Russell Investments Group Ltd. now owns 157,672 shares of the biotechnology company’s stock worth $1,658,000 after acquiring an additional 53,644 shares in the last quarter. Geode Capital Management LLC raised its stake in ImmunoGen by 8.0% during the fourth quarter. Geode Capital Management LLC now owns 955,193 shares of the biotechnology company’s stock worth $6,122,000 after acquiring an additional 70,643 shares in the last quarter. Wells Fargo & Company MN raised its stake in ImmunoGen by 14.7% during the first quarter. Wells Fargo & Company MN now owns 1,788,639 shares of the biotechnology company’s stock worth $18,817,000 after acquiring an additional 229,787 shares in the last quarter. Finally, Quantitative Systematic Strategies LLC acquired a new position in ImmunoGen during the first quarter worth $126,000. Institutional investors and hedge funds own 70.85% of the company’s stock.
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.
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