ImmunoGen (NASDAQ:IMGN) Sees Unusually-High Trading Volume

ImmunoGen, Inc. (NASDAQ:IMGN – Get Rating) shares saw unusually-strong trading volume on Friday . Approximately 4,926,628 shares changed hands during mid-day trading, a decline of 9% from the previous session’s volume of 5,434,583 shares.The stock last traded at $14.47 and had previously closed at $13.73.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on IMGN shares. JPMorgan Chase & Co. raised their target price on shares of ImmunoGen from $8.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, January 23rd. HC Wainwright reiterated a “buy” rating and set a $15.00 price target on shares of ImmunoGen in a report on Thursday, March 2nd. StockNews.com began coverage on shares of ImmunoGen in a report on Thursday. They set a “hold” rating on the stock. Finally, Piper Sandler upgraded shares of ImmunoGen from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $6.00 to $16.00 in a report on Wednesday, May 3rd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.71.

ImmunoGen Stock Up 3.8 %

The business’s 50 day moving average is $6.55 and its two-hundred day moving average is $5.38. The firm has a market cap of $3.22 billion, a P/E ratio of -15.16 and a beta of 0.95.

ImmunoGen (NASDAQ:IMGN – Get Rating) last announced its earnings results on Friday, April 28th. The biotechnology company reported ($0.16) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.25) by $0.09. ImmunoGen had a negative net margin of 198.88% and a negative return on equity of 135.94%. The business had revenue of $49.90 million during the quarter, compared to the consensus estimate of $21.63 million. During the same quarter last year, the firm earned ($0.10) earnings per share. ImmunoGen’s quarterly revenue was up 31.0% on a year-over-year basis. Equities research analysts anticipate that ImmunoGen, Inc. will post -0.55 EPS for the current year.

Institutional Investors Weigh In On ImmunoGen

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Great West Life Assurance Co. Can bought a new stake in ImmunoGen in the third quarter valued at $48,000. Bank of Montreal Can bought a new stake in shares of ImmunoGen during the second quarter worth about $47,000. IFG Advisory LLC bought a new stake in shares of ImmunoGen during the fourth quarter worth about $60,000. Perkins Capital Management Inc. bought a new stake in shares of ImmunoGen during the fourth quarter worth about $62,000. Finally, Seven Eight Capital LP bought a new stake in shares of ImmunoGen during the third quarter worth about $60,000. 89.13% of the stock is owned by institutional investors.

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.