Stock Traders Buy Large Volume of Put Options on ImmunoGen (IMGN)
ImmunoGen, Inc. (NASDAQ:IMGN) was the target of some unusual options trading activity on Tuesday. Investors bought 634 put options on the stock. This represents an increase of 1,119% compared to the average daily volume of 52 put options.
Several large investors have recently bought and sold shares of IMGN. FMR LLC increased its holdings in shares of ImmunoGen by 598.9% during the 2nd quarter. FMR LLC now owns 5,605,285 shares of the biotechnology company’s stock valued at $39,854,000 after purchasing an additional 4,803,256 shares in the last quarter. State Street Corp increased its holdings in ImmunoGen by 159.1% in the 2nd quarter. State Street Corp now owns 4,141,583 shares of the biotechnology company’s stock worth $29,450,000 after acquiring an additional 2,542,876 shares in the last quarter. Redmile Group LLC increased its holdings in ImmunoGen by 30.8% in the 2nd quarter. Redmile Group LLC now owns 5,212,736 shares of the biotechnology company’s stock worth $37,063,000 after acquiring an additional 1,228,002 shares in the last quarter. EAM Investors LLC purchased a new stake in ImmunoGen in the 2nd quarter worth $4,144,000. Finally, Farallon Capital Management LLC purchased a new stake in ImmunoGen in the 2nd quarter worth $3,591,000. 68.02% of the stock is owned by hedge funds and other institutional investors.
ImmunoGen (NASDAQ:IMGN) opened at $8.01 on Friday. The company has a debt-to-equity ratio of -0.03, a quick ratio of 2.78 and a current ratio of 2.81. The firm has a market cap of $1,240.00, a P/E ratio of -6.16 and a beta of 2.20. ImmunoGen has a 1-year low of $2.20 and a 1-year high of $8.84.
Several analysts have commented on the stock. BidaskClub upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating in a research note on Thursday. Cantor Fitzgerald restated a “hold” rating and set a $5.00 price objective on shares of ImmunoGen in a research note on Monday, September 25th. ValuEngine cut shares of ImmunoGen from a “hold” rating to a “sell” rating in a research note on Thursday, September 21st. Jefferies Group reaffirmed a “buy” rating and set a $9.00 target price on shares of ImmunoGen in a report on Thursday, October 12th. Finally, Zacks Investment Research raised 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. Two analysts have rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $7.83.
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ImmunoGen Company Profile
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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