ImmunoGen Inc. (NASDAQ:IMGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “ImmunoGen, a development-stage biotechnology company, is focused on the development of targeted anti-cancer therapeutics using its ADC technology. The company has only a limited number of wholly owned candidates in its pipeline. Moreover, most of the company’s pipeline candidates are in early stages of development, which has its risks. It will be several years before any of these candidates are even close to commercialization. In such a scenario, successful development and subsequent approval of its lead pipeline candidate, mirvetuximab soravtansine (platinum-resistant ovarian cancer), is crucial for the company. ImmunoGen also plans to cut 17% of its workforce. The company’s heavy dependence on its partners for revenues is concerning. However, the company’s collaborations with big healthcare companies not only validate its technology but also provide it with funds in the form of milestone and royalty and other payments.”
Other research analysts have also recently issued reports about the company. Jefferies Group reissued a “buy” rating and set a $6.00 price objective (down from $13.00) on shares of ImmunoGen in a report on Friday, August 5th. Cantor Fitzgerald reissued a “hold” rating on shares of ImmunoGen in a report on Wednesday, June 8th. Finally, JPMorgan Chase & Co. set a $5.00 price objective on ImmunoGen and gave the company a “hold” rating in a report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $10.99.
Shares of ImmunoGen (NASDAQ:IMGN) traded up 1.737% during mid-day trading on Wednesday, hitting $2.635. 401,605 shares of the company’s stock were exchanged. The firm has a 50 day moving average price of $2.84 and a 200-day moving average price of $4.76. The company’s market capitalization is $230.10 million. ImmunoGen has a 52 week low of $2.53 and a 52 week high of $14.22.
ImmunoGen (NASDAQ:IMGN) last posted its quarterly earnings results on Thursday, August 4th. The biotechnology company reported ($0.51) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.39) by $0.12. The business had revenue of $7.41 million for the quarter, compared to analysts’ expectations of $17.11 million. During the same quarter in the prior year, the company earned ($0.35) EPS. ImmunoGen’s quarterly revenue was down 41.2% on a year-over-year basis. On average, equities analysts anticipate that ImmunoGen will post ($1.59) EPS for the current year.
A number of hedge funds have recently made changes to their positions in IMGN. Nationwide Fund Advisors raised its stake in shares of ImmunoGen by 3.6% in the second quarter. Nationwide Fund Advisors now owns 57,383 shares of the biotechnology company’s stock worth $177,000 after buying an additional 1,999 shares during the last quarter. BB&T Securities LLC raised its stake in shares of ImmunoGen by 10.0% in the first quarter. BB&T Securities LLC now owns 22,727 shares of the biotechnology company’s stock worth $193,000 after buying an additional 2,065 shares during the last quarter. Legal & General Group Plc raised its stake in shares of ImmunoGen by 13.2% in the first quarter. Legal & General Group Plc now owns 21,724 shares of the biotechnology company’s stock worth $188,000 after buying an additional 2,538 shares during the last quarter. Swiss National Bank raised its stake in shares of ImmunoGen by 2.1% in the second quarter. Swiss National Bank now owns 159,400 shares of the biotechnology company’s stock worth $491,000 after buying an additional 3,300 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of ImmunoGen by 2.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 300,956 shares of the biotechnology company’s stock worth $927,000 after buying an additional 5,874 shares during the last quarter. Hedge funds and other institutional investors own 91.63% of the company’s stock.
ImmunoGen Company Profile
ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. The Company is engaged in the discovery of monoclonal antibody-based anticancer therapeutics. 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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