Renaissance Technologies LLC Grows Position in ImmunoGen, Inc. (NASDAQ:IMGN)

Renaissance Technologies LLC increased its position in shares of ImmunoGen, Inc. (NASDAQ:IMGN – Get Rating) by 17.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,705,140 shares of the biotechnology company’s stock after purchasing an additional 256,400 shares during the period. Renaissance Technologies LLC owned 0.77% of ImmunoGen worth $8,151,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. CM Management LLC grew its stake in shares of ImmunoGen by 5.3% in the 3rd quarter. CM Management LLC now owns 500,000 shares of the biotechnology company’s stock valued at $2,390,000 after buying an additional 25,000 shares during the period. Fisher Asset Management LLC lifted its holdings in ImmunoGen by 53.4% in the third quarter. Fisher Asset Management LLC now owns 584,775 shares of the biotechnology company’s stock valued at $2,795,000 after acquiring an additional 203,569 shares during the last quarter. Quantbot Technologies LP acquired a new position in ImmunoGen in the third quarter valued at approximately $213,000. Jennison Associates LLC acquired a new position in ImmunoGen in the third quarter valued at approximately $29,624,000. Finally, Fox Run Management L.L.C. acquired a new position in ImmunoGen in the third quarter valued at approximately $104,000. 89.13% of the stock is owned by hedge funds and other institutional investors.

ImmunoGen Trading Up 0.7 %

ImmunoGen stock opened at $4.20 on Wednesday. ImmunoGen, Inc. has a twelve month low of $3.10 and a twelve month high of $6.63. The stock’s fifty day simple moving average is $4.46 and its 200-day simple moving average is $5.06. The firm has a market capitalization of $949.41 million, a P/E ratio of -4.77 and a beta of 0.94.

ImmunoGen (NASDAQ:IMGN – Get Rating) last posted its quarterly earnings data on Wednesday, March 1st. The biotechnology company reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.06. ImmunoGen had a negative return on equity of 100.18% and a negative net margin of 204.93%. The business had revenue of $41.17 million for the quarter, compared to analyst estimates of $17.18 million. During the same quarter in the prior year, the company earned ($0.17) earnings per share. The company’s revenue was up 47.1% on a year-over-year basis. Sell-side analysts predict that ImmunoGen, Inc. will post -0.83 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms recently commented on IMGN. Canaccord Genuity Group upped their price objective on ImmunoGen from $12.00 to $15.00 in a report on Wednesday, November 16th. Truist Financial initiated coverage on ImmunoGen in a report on Monday, November 21st. They issued a “buy” rating and a $10.00 price objective on the stock. JPMorgan Chase & Co. boosted their target price 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 reissued a “buy” rating and issued a $15.00 target price on shares of ImmunoGen in a research report on Thursday, March 2nd. Finally, Barclays boosted their target price on ImmunoGen from $8.00 to $9.00 and gave the company an “overweight” rating in a research report on Tuesday, November 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $12.29.

ImmunoGen 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.