ImmunoGen, Inc. (NASDAQ:IMGN) Sees Large Growth in Short Interest

ImmunoGen, Inc. (NASDAQ:IMGNGet Rating) saw a significant increase in short interest during the month of December. As of December 30th, there was short interest totalling 18,030,000 shares, an increase of 18.9% from the December 15th total of 15,170,000 shares. Based on an average daily volume of 3,780,000 shares, the short-interest ratio is presently 4.8 days.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on IMGN shares. Truist Financial started coverage on shares of ImmunoGen in a research report on Monday, November 21st. They issued a “buy” rating and a $10.00 price objective on the stock. HC Wainwright reduced their price target on shares of ImmunoGen from $20.00 to $15.00 and set a “buy” rating on the stock in a research report on Friday, December 30th. StockNews.com initiated coverage on shares of ImmunoGen in a research report on Wednesday, October 12th. They set a “sell” rating on the stock. Guggenheim set a $22.00 price target on shares of ImmunoGen in a research report on Thursday, November 17th. Finally, Barclays increased their price target on shares of ImmunoGen from $8.00 to $9.00 and gave the company an “overweight” rating in a research report on Tuesday, November 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $12.50.

Institutional Trading of ImmunoGen

Institutional investors have recently made changes to their positions in the stock. Jacobi Capital Management LLC boosted its stake in shares of ImmunoGen by 11.8% during the second quarter. Jacobi Capital Management LLC now owns 47,500 shares of the biotechnology company’s stock valued at $214,000 after purchasing an additional 5,000 shares during the period. Jennison Associates LLC purchased a new stake in ImmunoGen in the third quarter worth $29,624,000. Monarch Partners Asset Management LLC purchased a new stake in ImmunoGen in the third quarter worth $3,226,000. Quantamental Technologies LLC purchased a new stake in ImmunoGen in the second quarter worth $79,000. Finally, Cambridge Investment Research Advisors Inc. lifted its stake in ImmunoGen by 91.5% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 53,563 shares of the biotechnology company’s stock worth $241,000 after acquiring an additional 25,589 shares during the period. Hedge funds and other institutional investors own 89.13% of the company’s stock.

ImmunoGen Stock Performance

NASDAQ:IMGN opened at $4.67 on Friday. The firm has a market cap of $1.03 billion, a PE ratio of -5.70 and a beta of 1.00. ImmunoGen has a fifty-two week low of $3.10 and a fifty-two week high of $6.63. The business has a 50 day moving average price of $4.92 and a 200-day moving average price of $5.27.

ImmunoGen (NASDAQ:IMGNGet Rating) last released its quarterly earnings data on Friday, November 4th. The biotechnology company reported ($0.31) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.05). The company had revenue of $15.38 million for the quarter, compared to analysts’ expectations of $11.81 million. ImmunoGen had a negative net margin of 210.33% and a negative return on equity of 75.89%. Research analysts predict that ImmunoGen will post -0.94 EPS for the current year.

About ImmunoGen

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ImmunoGen, Inc, a clinical-stage biotechnology company, develops antibody-drug conjugate (ADC) therapies to treat cancer. The company's product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha (FRa), which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; and Pivekimab sunirine, a CD123-targeting ADC that is in Phase II clinical trial for treating acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm.

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