ImmunoGen, Inc. (IMGN) Shares Sold by Bank of New York Mellon Corp
Bank of New York Mellon Corp decreased its stake in ImmunoGen, Inc. (NASDAQ:IMGN) by 5.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 548,486 shares of the biotechnology company’s stock after selling 29,354 shares during the period. Bank of New York Mellon Corp owned 0.53% of ImmunoGen worth $4,195,000 at the end of the most recent reporting period.
Other institutional investors also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership acquired a new position in shares of ImmunoGen in the 2nd quarter valued at $102,000. Intl Fcstone Inc. acquired a new position in shares of ImmunoGen in the 2nd quarter valued at $115,000. Aperio Group LLC boosted its holdings in shares of ImmunoGen by 45.1% in the 2nd quarter. Aperio Group LLC now owns 16,797 shares of the biotechnology company’s stock valued at $119,000 after buying an additional 5,221 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in shares of ImmunoGen in the 2nd quarter valued at $126,000. Finally, Voya Investment Management LLC boosted its holdings in shares of ImmunoGen by 10.0% in the 2nd quarter. Voya Investment Management LLC now owns 45,066 shares of the biotechnology company’s stock valued at $320,000 after buying an additional 4,105 shares in the last quarter. Institutional investors and hedge funds own 68.02% of the company’s stock.
IMGN has been the subject of several research analyst reports. Zacks Investment Research upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a report on Tuesday, October 31st. Jefferies Group restated a “buy” rating and issued a $9.00 target price on shares of ImmunoGen in a report on Thursday, October 12th. Cantor Fitzgerald restated a “hold” rating and issued a $5.00 target price on shares of ImmunoGen in a report on Friday, November 3rd. Finally, ValuEngine cut shares of ImmunoGen from a “hold” rating to a “sell” rating in a research note on Thursday, September 21st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. ImmunoGen has a consensus rating of “Hold” and a consensus target price of $7.83.
Shares of ImmunoGen, Inc. (IMGN) opened at $6.99 on Wednesday. The firm has a market cap of $1,080.00, a price-to-earnings ratio of -5.38 and a beta of 2.20. The company has a debt-to-equity ratio of -0.03, a quick ratio of 2.78 and a current ratio of 2.81. ImmunoGen, Inc. has a 52 week low of $1.84 and a 52 week high of $8.84.
ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings results on Friday, November 3rd. The biotechnology company reported ($0.61) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.19) by ($0.42). The company had revenue of $8.50 million for the quarter, compared to analysts’ expectations of $26.09 million. ImmunoGen’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.51) EPS. analysts forecast that ImmunoGen, Inc. will post -0.97 earnings per share for the current year.
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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.
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