ImmunoGen (NASDAQ:IMGN) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

According to Zacks, “ImmunoGen has made significant progress with regard to its lead ovarian cancer candidate, mirvetuximab soravtansine. Successful development and subsequent approval of the candidate will be a huge boost to the company as the ovarian cancer market has immense potential. The company has collaborations with big healthcare companies which not only validate its technology but also provides it with funds in the form of milestone and royalty payments. However, ImmunoGen is heavily dependent on its lead candidate, mirvetuximab soravtansine. Hence, any kind of development or a regulatory setback could hamper the stock. The ovarian cancer space being competitive is also a matter of concern for the company. The company’s shares have outperformed the industry so far this year.”

A number of other research analysts have also recently commented on IMGN. BidaskClub upgraded ImmunoGen from a “hold” rating to a “buy” rating in a research note on Thursday, June 21st. ValuEngine cut ImmunoGen from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 28th. Guggenheim began coverage on ImmunoGen in a research note on Monday, September 17th. They set a “buy” rating on the stock. HC Wainwright set a $18.00 price objective on ImmunoGen and gave the stock a “buy” rating in a research note on Wednesday, June 13th. Finally, Cowen restated a “hold” rating on shares of ImmunoGen in a research note on Friday, July 27th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $12.42.

Shares of IMGN traded up $0.12 during midday trading on Monday, reaching $9.18. 18,615 shares of the company were exchanged, compared to its average volume of 1,512,424. The stock has a market cap of $1.35 billion, a PE ratio of -12.23 and a beta of 1.95. 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.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, July 27th. The biotechnology company reported ($0.31) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.02). The business had revenue of $9.29 million during the quarter, compared to the consensus estimate of $14.12 million. ImmunoGen’s quarterly revenue was down 76.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) EPS. research analysts anticipate that ImmunoGen will post -1.19 earnings per share for the current year.

In related news, VP Anna Berkenblit sold 5,851 shares of the business’s stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $9.46, for a total value of $55,350.46. Following the transaction, the vice president now owns 138,620 shares in the company, valued at $1,311,345.20. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.44% of the company’s stock.

Several large investors have recently added to or reduced their stakes in the stock. Northern Trust Corp lifted its stake in shares of ImmunoGen by 30.0% in the second quarter. Northern Trust Corp now owns 1,592,167 shares of the biotechnology company’s stock worth $15,492,000 after acquiring an additional 367,337 shares in the last quarter. FMR LLC increased its holdings in ImmunoGen by 34.0% in the second quarter. FMR LLC now owns 8,704,234 shares of the biotechnology company’s stock valued at $84,692,000 after buying an additional 2,208,796 shares during the last quarter. Putnam Investments LLC bought a new stake in ImmunoGen in the second quarter valued at about $522,000. Orbimed Advisors LLC increased its holdings in ImmunoGen by 93.1% in the second quarter. Orbimed Advisors LLC now owns 2,904,270 shares of the biotechnology company’s stock valued at $28,259,000 after buying an additional 1,400,000 shares during the last quarter. Finally, MetLife Investment Advisors LLC increased its holdings in ImmunoGen by 29.8% in the second quarter. MetLife Investment Advisors LLC now owns 59,746 shares of the biotechnology company’s stock valued at $581,000 after buying an additional 13,727 shares during the last quarter. Institutional investors and hedge funds own 83.76% of the company’s stock.

About ImmunoGen

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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