ImmunoGen (NASDAQ:IMGN) Shares Gap Up on Earnings Beat

ImmunoGen, Inc. (NASDAQ:IMGN – Get Rating) gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $3.88, but opened at $4.12. ImmunoGen shares last traded at $3.93, with a volume of 665,007 shares traded.

The biotechnology company reported ($0.23) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.06. The business had revenue of $41.17 million for the quarter, compared to analysts’ expectations of $17.18 million. ImmunoGen had a negative return on equity of 75.89% and a negative net margin of 210.33%. The firm’s quarterly revenue was up 47.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.17) EPS.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IMGN. Canaccord Genuity Group upped their price objective on ImmunoGen from $12.00 to $15.00 in a research report on Wednesday, November 16th. JPMorgan Chase & Co. upped their price objective on ImmunoGen from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, January 23rd. HC Wainwright reaffirmed a “buy” rating and issued a $15.00 price objective on shares of ImmunoGen in a research report on Thursday. Truist Financial initiated coverage on ImmunoGen in a report on Monday, November 21st. They set a “buy” rating and a $10.00 price target on the stock. Finally, Guggenheim set a $22.00 price target on ImmunoGen in a report on Thursday, November 17th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $12.29.

Hedge Funds Weigh In On ImmunoGen

Several hedge funds and other institutional investors have recently modified their holdings of IMGN. Nisa Investment Advisors LLC raised its holdings in ImmunoGen by 116.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,390 shares of the biotechnology company’s stock worth $47,000 after purchasing an additional 5,600 shares during the period. Bank of Montreal Can bought a new position in ImmunoGen in the 2nd quarter worth $47,000. Great West Life Assurance Co. Can bought a new position in ImmunoGen in the 3rd quarter worth $48,000. NewEdge Wealth LLC bought a new position in ImmunoGen in the 2nd quarter worth $52,000. Finally, Stonegate Investment Group LLC bought a new position in ImmunoGen in the 2nd quarter worth $55,000. 89.13% of the stock is owned by institutional investors.

ImmunoGen Stock Performance

The stock has a fifty day moving average of $4.48 and a 200 day moving average of $5.11. The company has a market capitalization of $982.34 million, a P/E ratio of -5.43 and a beta of 0.95.

ImmunoGen Company Profile

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ImmunoGen, Inc engages in the discovery and development of antibody-drug conjugates to improve outcomes for cancer patients. Its pipeline includes Mirvetuximab Soravtansine, IMGN632, IMGC936, and IMGN151. The company was founded on March 27, 1981 and is headquartered in Waltham, MA.