ImmunoGen (NASDAQ:IMGN) Coverage Initiated by Analysts at StockNews.com

Analysts at StockNews.com began coverage on shares of ImmunoGen (NASDAQ:IMGN) in a note issued to investors on Thursday. The brokerage set a “hold” rating on the biotechnology company’s stock.

ImmunoGen Price Performance

Shares of NASDAQ:IMGN opened at $31.23 on Thursday. The company’s 50-day moving average is $31.20 and its 200 day moving average is $25.76. The company has a debt-to-equity ratio of 0.13, a quick ratio of 5.65 and a current ratio of 5.70. The company has a market capitalization of $8.32 billion, a P/E ratio of -100.74 and a beta of 1.18. ImmunoGen has a fifty-two week low of $3.61 and a fifty-two week high of $31.25.

Hedge Funds Weigh In On ImmunoGen

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rafferty Asset Management LLC boosted its holdings in shares of ImmunoGen by 68.1% in the 3rd quarter. Rafferty Asset Management LLC now owns 566,985 shares of the biotechnology company’s stock worth $8,998,000 after buying an additional 229,699 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in ImmunoGen by 64.3% during the third quarter. Bank of New York Mellon Corp now owns 1,796,110 shares of the biotechnology company’s stock valued at $28,504,000 after purchasing an additional 703,117 shares during the last quarter. TD Asset Management Inc lifted its holdings in ImmunoGen by 188.5% during the third quarter. TD Asset Management Inc now owns 282,400 shares of the biotechnology company’s stock valued at $4,482,000 after purchasing an additional 184,500 shares during the last quarter. Raymond James & Associates lifted its holdings in ImmunoGen by 890.1% during the third quarter. Raymond James & Associates now owns 167,578 shares of the biotechnology company’s stock valued at $2,659,000 after purchasing an additional 150,652 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in ImmunoGen by 14.3% during the third quarter. New York State Common Retirement Fund now owns 324,926 shares of the biotechnology company’s stock valued at $5,157,000 after purchasing an additional 40,537 shares during the last quarter. 90.50% of the stock is owned by hedge funds and other institutional investors.

About ImmunoGen

ImmunoGen, Inc, a commercial-stage biotechnology company, focuses on developing and commercializing the antibody-drug conjugates (ADCs) for cancer patients. The company's product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha (FRa), for the treatment of platinum-resistant ovarian cancer; and a cell-surface protein expressed in various epithelial tumors, including ovarian, endometrial, and non-small-cell lung cancers, as well as Pivekimab sunirine, a CD123-targeting ADC that is in Phase II clinical trial for treating acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm.