Short Interest in ImmunoGen, Inc. (IMGN) Expands By 24.1%
ImmunoGen, Inc. (NASDAQ:IMGN) was the target of a significant growth in short interest during the month of March. As of March 29th, there was short interest totalling 13,813,907 shares, a growth of 24.1% from the March 15th total of 11,130,866 shares. Currently, 9.4% of the shares of the stock are short sold. Based on an average daily volume of 2,850,291 shares, the days-to-cover ratio is currently 4.8 days.
Shares of IMGN opened at $2.72 on Thursday. The company has a current ratio of 3.95, a quick ratio of 3.95 and a debt-to-equity ratio of 0.19. The company has a market cap of $398.93 million, a P/E ratio of -2.31 and a beta of 2.23. ImmunoGen has a 1 year low of $2.27 and a 1 year high of $12.31.
ImmunoGen (NASDAQ:IMGN) last posted its quarterly earnings results on Friday, February 8th. The biotechnology company reported ($0.28) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.05. The company had revenue of $13.79 million for the quarter, compared to the consensus estimate of $12.42 million. ImmunoGen had a negative net margin of 311.94% and a negative return on equity of 599.63%. ImmunoGen’s revenue was down 65.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.11) earnings per share. On average, equities analysts predict that ImmunoGen will post -1.27 EPS for the current year.
A number of large investors have recently bought and sold shares of IMGN. Two Sigma Investments LP raised its stake in ImmunoGen by 2,747.6% during the fourth quarter. Two Sigma Investments LP now owns 1,106,879 shares of the biotechnology company’s stock worth $5,313,000 after purchasing an additional 1,068,008 shares during the period. BlackRock Inc. raised its stake in ImmunoGen by 10.0% during the third quarter. BlackRock Inc. now owns 11,481,977 shares of the biotechnology company’s stock worth $108,733,000 after purchasing an additional 1,045,627 shares during the period. Opaleye Management Inc. purchased a new position in ImmunoGen during the fourth quarter worth approximately $4,900,000. Deutsche Bank AG raised its stake in ImmunoGen by 154.6% during the fourth quarter. Deutsche Bank AG now owns 1,242,243 shares of the biotechnology company’s stock worth $5,962,000 after purchasing an additional 754,366 shares during the period. Finally, Sofinnova Investments Inc. purchased a new position in ImmunoGen during the fourth quarter worth approximately $2,146,000. 82.88% of the stock is currently owned by institutional investors.
Several brokerages recently issued reports on IMGN. Piper Jaffray Companies downgraded shares of ImmunoGen from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $13.00 to $2.50 in a research note on Friday, March 1st. Leerink Swann downgraded shares of ImmunoGen from an “outperform” rating to a “market perform” rating in a research note on Friday, March 1st. Jefferies Financial Group downgraded shares of ImmunoGen from a “buy” rating to a “hold” rating in a research note on Friday, March 1st. Svb Leerink downgraded shares of ImmunoGen from an “outperform” rating to a “market perform” rating in a research note on Monday, March 4th. Finally, BidaskClub downgraded shares of ImmunoGen from a “sell” rating to a “strong sell” rating in a research note on Saturday, December 22nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the company. ImmunoGen has an average rating of “Hold” and an average target price of $7.17.
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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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