ImmunoGen (NASDAQ:IMGN) Given New $9.00 Price Target at JPMorgan Chase & Co.

ImmunoGen (NASDAQ:IMGN – Get Rating) had its price objective raised by JPMorgan Chase & Co. from $8.00 to $9.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a neutral rating on the biotechnology company’s stock.

IMGN has been the subject of several other research reports. Guggenheim set a $22.00 target price on ImmunoGen in a research note on Thursday, November 17th. Barclays raised their price target on ImmunoGen from $8.00 to $9.00 and gave the stock an overweight rating in a research report on Tuesday, November 15th. Truist Financial started coverage on ImmunoGen in a research report on Monday, November 21st. They issued a buy rating and a $10.00 price objective on the stock. Canaccord Genuity Group lifted their price target on ImmunoGen from $12.00 to $15.00 in a research report on Wednesday, November 16th. Finally, StockNews.com initiated coverage on ImmunoGen in a research report on Wednesday, October 12th. They set a sell rating on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, ImmunoGen has an average rating of Hold and a consensus price target of $12.11.

ImmunoGen Stock Performance

Shares of IMGN opened at $4.66 on Monday. ImmunoGen has a 52-week low of $3.10 and a 52-week high of $6.63. The business’s 50 day moving average price is $4.90 and its two-hundred day moving average price is $5.26. The firm has a market cap of $1.03 billion, a PE ratio of -5.68 and a beta of 1.00.

ImmunoGen (NASDAQ:IMGN – Get Rating) last released its quarterly earnings results on Friday, November 4th. The biotechnology company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.05). The company had revenue of $15.38 million during 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 fiscal year.

Hedge Funds Weigh In On ImmunoGen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of ImmunoGen by 32.8% during the 2nd quarter. State Street Corp now owns 18,199,554 shares of the biotechnology company’s stock valued at $81,898,000 after acquiring an additional 4,492,165 shares during the period. BlackRock Inc. raised its position in ImmunoGen by 10.6% in the first quarter. BlackRock Inc. now owns 16,432,933 shares of the biotechnology company’s stock valued at $78,225,000 after purchasing an additional 1,569,629 shares during the period. Vanguard Group Inc. increased its position in shares of ImmunoGen by 2.3% during the first quarter. Vanguard Group Inc. now owns 15,478,516 shares of the biotechnology company’s stock worth $73,678,000 after acquiring an additional 346,764 shares during the period. Deerfield Management Company L.P. Series C increased its position in shares of ImmunoGen by 332.8% during the second quarter. Deerfield Management Company L.P. Series C now owns 15,020,490 shares of the biotechnology company’s stock worth $67,592,000 after acquiring an additional 11,549,815 shares during the period. Finally, Jennison Associates LLC purchased a new stake in shares of ImmunoGen during the third quarter worth $29,624,000. Hedge funds and other institutional investors own 89.13% of the company’s stock.

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.