ImmunoGen, Inc. (IMGN) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of ImmunoGen, Inc. (NASDAQ:IMGN) from a hold rating to a buy rating in a research report report published on Tuesday morning. The brokerage currently has $6.50 price target on the biotechnology company’s stock.
According to Zacks, “ImmunoGen has made a significant progress with regard to its lead pipeline candidate, mirvetuximab soravtansine (platinum-resistant ovarian cancer). Successful development and subsequent approval will be a huge boost for the company as ovarian cancer market represents a huge potential. The company’s collaborations with big healthcare companies not only validate its technology but also provides it with funds in the form of milestone and royalty payments. The company’s shares have outperformed the broader industry so far this year. However, ImmunoGen is heavily dependent on its lead candidate, mirvetuximab soravtansine. Hence, any kind of development or regulatory setback could hamper the stock. Most other pipeline candidates are still a long way from entering the market, which also raises concern. Estimates have been stable lately ahead of the company's Q3 earnings.”
A number of other analysts have also commented on IMGN. Royal Bank Of Canada upgraded ImmunoGen from a sector perform rating to an outperform rating and boosted their price target for the company from $5.00 to $12.00 in a report on Thursday, July 6th. BidaskClub lowered ImmunoGen from a strong-buy rating to a buy rating in a report on Wednesday, July 19th. Cantor Fitzgerald set a $5.00 price target on ImmunoGen and gave the company a hold rating in a report on Friday, July 28th. Canaccord Genuity set a $8.00 price target on ImmunoGen and gave the company a buy rating in a report on Monday, July 31st. Finally, Jefferies Group LLC restated a buy rating and issued a $9.00 price target on shares of ImmunoGen in a report on Monday, August 7th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of Hold and an average target price of $7.83.
Shares of ImmunoGen (NASDAQ:IMGN) traded down 9.8914% on Tuesday, reaching $5.2263. The company’s stock had a trading volume of 2,339,936 shares. The company’s 50 day moving average is $6.54 and its 200-day moving average is $5.87. ImmunoGen has a 1-year low of $1.51 and a 1-year high of $8.84. The stock’s market cap is $468.26 million.
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In related news, VP Craig Barrows sold 14,600 shares of the company’s stock in a transaction dated Wednesday, September 13th. The stock was sold at an average price of $6.95, for a total transaction of $101,470.00. Following the sale, the vice president now owns 51,100 shares in the company, valued at $355,145. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 6.51% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership bought a new stake in ImmunoGen during the second quarter worth about $102,000. Gould Asset Management LLC CA bought a new stake in ImmunoGen during the second quarter worth about $107,000. Intl Fcstone Inc. bought a new stake in ImmunoGen during the second quarter worth about $115,000. Aperio Group LLC raised its holdings in ImmunoGen by 45.1% during the second quarter. Aperio Group LLC now owns 16,797 shares of the biotechnology company’s stock worth $119,000 after acquiring an additional 5,221 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. bought a new stake in ImmunoGen during the second quarter worth about $126,000. Institutional investors and hedge funds own 73.03% of the company’s stock.
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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