ImmunoGen (NASDAQ:IMGN) Stock Price Down 3.4%

ImmunoGen, Inc. (NASDAQ:IMGN) shares traded down 3.4% during trading on Tuesday . The company traded as low as $2.04 and last traded at $2.01. 41,180 shares changed hands during trading, a decline of 99% from the average session volume of 4,293,824 shares. The stock had previously closed at $2.08.

A number of research analysts have commented on the stock. Zacks Investment Research downgraded shares of ImmunoGen from a “buy” rating to a “hold” rating in a research report on Wednesday, May 8th. ValuEngine downgraded shares of ImmunoGen from a “hold” rating to a “sell” rating in a research report on Wednesday, May 1st. Cowen reissued a “buy” rating on shares of ImmunoGen in a research report on Sunday, June 2nd. Guggenheim downgraded shares of ImmunoGen from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 15th. Finally, Piper Jaffray Companies downgraded shares of ImmunoGen from an “overweight” rating to a “neutral” rating and cut their target price for the company from $13.00 to $2.50 in a research report on Friday, March 1st. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $3.03.

The firm has a market cap of $311.02 million, a price-to-earnings ratio of -1.70 and a beta of 2.24. The company has a current ratio of 4.72, a quick ratio of 4.72 and a debt-to-equity ratio of 0.19.

ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings results on Friday, May 3rd. The biotechnology company reported ($0.30) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.01. ImmunoGen had a negative net margin of 406.27% and a negative return on equity of 573.13%. The business had revenue of $8.60 million for the quarter, compared to analysts’ expectations of $10.59 million. During the same period last year, the business earned ($0.30) EPS. The company’s revenue was down 56.6% compared to the same quarter last year. Equities analysts forecast that ImmunoGen, Inc. will post -0.98 EPS for the current year.

Several large investors have recently added to or reduced their stakes in IMGN. Bank of New York Mellon Corp boosted its stake in ImmunoGen by 12.5% during the third quarter. Bank of New York Mellon Corp now owns 614,495 shares of the biotechnology company’s stock worth $5,818,000 after acquiring an additional 68,407 shares in the last quarter. Rhumbline Advisers boosted its stake in ImmunoGen by 49.8% during the fourth quarter. Rhumbline Advisers now owns 188,828 shares of the biotechnology company’s stock worth $906,000 after acquiring an additional 62,794 shares in the last quarter. Creative Planning boosted its stake in ImmunoGen by 50.8% during the fourth quarter. Creative Planning now owns 36,498 shares of the biotechnology company’s stock worth $175,000 after acquiring an additional 12,298 shares in the last quarter. Alps Advisors Inc. boosted its stake in ImmunoGen by 30.7% during the fourth quarter. Alps Advisors Inc. now owns 344,561 shares of the biotechnology company’s stock worth $1,654,000 after acquiring an additional 80,850 shares in the last quarter. Finally, Virtus ETF Advisers LLC boosted its stake in ImmunoGen by 26.1% during the fourth quarter. Virtus ETF Advisers LLC now owns 56,871 shares of the biotechnology company’s stock worth $273,000 after acquiring an additional 11,759 shares in the last quarter. Institutional investors and hedge funds own 79.29% of the company’s stock.

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ImmunoGen Company Profile (NASDAQ:IMGN)

ImmunoGen, Inc, a clinical-stage biotechnology company, develops 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.

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