Zacks Investment Research Downgrades ImmunoGen (IMGN) to Sell

ImmunoGen (NASDAQ:IMGN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.

According to Zacks, “ImmunoGen is heavily dependent on its lead ovarian cancer candidate, mirvetuximab soravtansine. Hence, any kind of development or a regulatory setback could hamper the stock. The ovarian cancer space being competitive is also a matter of concern for the company. On the flip side, the company has made a significant progress with mirvetuximab soravtansine. Successful development and subsequent approval of the candidate will be a huge boost to the company as the ovarian cancer market has immense potential. The company has collaborations with big healthcare companies which not only validate its technology but also provides it with funds in the form of milestone and royalty payments. However, the company’s high dependence on its partnerships for revenue is concerning. The company’s shares have outperformed the broader industry in a year's time. Estimates have been stable lately ahead of the company’s Q1 earnings release.”

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IMGN has been the subject of a number of other reports. HC Wainwright set a $18.00 price objective on shares of ImmunoGen and gave the company a “buy” rating in a research note on Tuesday, April 10th. Leerink Swann reiterated an “outperform” rating on shares of ImmunoGen in a research note on Monday, March 26th. Cantor Fitzgerald set a $5.00 price objective on shares of ImmunoGen and gave the company a “hold” rating in a research note on Sunday, March 25th. BidaskClub upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating in a research note on Thursday, January 18th. Finally, ValuEngine lowered shares of ImmunoGen from a “hold” rating to a “sell” rating in a research note on Wednesday, March 28th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company’s stock. ImmunoGen presently has a consensus rating of “Hold” and an average target price of $10.79.

ImmunoGen stock opened at $10.68 on Monday. ImmunoGen has a 1-year low of $3.17 and a 1-year high of $13.41. The company has a market capitalization of $1,341.75, a P/E ratio of -14.24 and a beta of 2.17. The company has a quick ratio of 4.94, a current ratio of 4.95 and a debt-to-equity ratio of -0.11.

ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings data on Friday, February 9th. The biotechnology company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.03). The company had revenue of $39.40 million for the quarter, compared to analyst estimates of $39.62 million. During the same period last year, the company earned ($0.39) EPS. The company’s quarterly revenue was up 185.5% compared to the same quarter last year. sell-side analysts forecast that ImmunoGen will post -1.09 EPS for the current year.

In other ImmunoGen news, CFO David Brannon Johnston sold 21,060 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $10.87, for a total value of $228,922.20. Following the completion of the transaction, the chief financial officer now directly owns 180,690 shares of the company’s stock, valued at approximately $1,964,100.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel M. Junius sold 46,667 shares of the firm’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $10.01, for a total transaction of $467,136.67. Following the completion of the transaction, the director now directly owns 243,367 shares of the company’s stock, valued at $2,436,103.67. The disclosure for this sale can be found here. Over the last three months, insiders sold 229,930 shares of company stock valued at $2,515,150. Insiders own 6.51% of the company’s stock.

Large investors have recently made changes to their positions in the business. SG Americas Securities LLC boosted its holdings in ImmunoGen by 75.7% in the 4th quarter. SG Americas Securities LLC now owns 18,416 shares of the biotechnology company’s stock valued at $118,000 after purchasing an additional 7,937 shares during the period. Cubist Systematic Strategies LLC bought a new position in ImmunoGen in the 3rd quarter valued at $143,000. Engineers Gate Manager LP bought a new position in ImmunoGen in the 4th quarter valued at $149,000. Dynamic Advisors Solutions LLC bought a new position in ImmunoGen in the 4th quarter valued at $150,000. Finally, MANA Advisors LLC bought a new position in ImmunoGen in the 4th quarter valued at $169,000. 78.24% of the stock is owned by hedge funds and other institutional investors.

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ImmunoGen Company Profile

ImmunoGen, Inc, a clinical-stage biotechnology company, focuses on developing antibody-drug conjugate (ADC) therapies to treat cancer. Its product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha, which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm, as well as coltuximab ravtansine, a CD19-targeting ADC, which is in Phase II trial for DLBCL.

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