ImmunoGen, Inc. (NASDAQ:IMGN)’s share price dropped 6.1% during mid-day trading on Tuesday . The company traded as low as $9.17 and last traded at $9.17. Approximately 5,752,828 shares changed hands during mid-day trading, an increase of 94% from the average daily volume of 2,966,621 shares. The stock had previously closed at $9.77.
IMGN has been the topic of several recent research reports. TheStreet raised shares of ImmunoGen from a “d+” rating to a “c” rating in a research note on Friday, February 12th. SVB Leerink lifted their target price on shares of ImmunoGen from $5.00 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, November 6th. HC Wainwright lifted their target price on shares of ImmunoGen from $11.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday, February 16th. Piper Sandler lifted their target price on shares of ImmunoGen from $5.50 to $6.50 and gave the stock a “neutral” rating in a research note on Monday, December 7th. Finally, Zacks Investment Research cut shares of ImmunoGen from a “hold” rating to a “sell” rating and set a $9.50 target price on the stock. in a research note on Thursday, February 18th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. ImmunoGen presently has an average rating of “Hold” and a consensus target price of $10.00.
The firm has a fifty day moving average price of $7.86 and a 200 day moving average price of $5.79. The firm has a market cap of $1.79 billion, a PE ratio of -23.02 and a beta of 1.65.
In other news, VP David G. Foster sold 11,052 shares of ImmunoGen stock in a transaction on Thursday, December 31st. The stock was sold at an average price of $6.38, for a total transaction of $70,511.76. 3.77% of the stock is owned by insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its holdings in ImmunoGen by 25.7% in the 4th quarter. JPMorgan Chase & Co. now owns 87,087 shares of the biotechnology company’s stock valued at $562,000 after buying an additional 17,797 shares during the period. Truist Financial Corp raised its holdings in ImmunoGen by 23.3% in the 4th quarter. Truist Financial Corp now owns 235,227 shares of the biotechnology company’s stock valued at $1,517,000 after buying an additional 44,499 shares during the period. Orbimed Advisors LLC purchased a new stake in ImmunoGen in the 4th quarter valued at about $16,473,000. Walleye Capital LLC purchased a new stake in ImmunoGen in the 4th quarter valued at about $77,000. Finally, Silverarc Capital Management LLC purchased a new stake in ImmunoGen in the 4th quarter valued at about $3,870,000. Hedge funds and other institutional investors own 72.95% of the company’s stock.
ImmunoGen Company Profile (NASDAQ:IMGN)
ImmunoGen, Inc, a clinical-stage biotechnology company, develops 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; and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm.
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