ImmunoGen (NASDAQ:IMGN) Stock Price Up 5.5% After Better-Than-Expected Earnings

ImmunoGen, Inc. (NASDAQ:IMGN – Get Rating) rose 5.5% during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $4.25 and last traded at $4.24. Approximately 1,152,529 shares traded hands during trading, a decline of 68% from the average daily volume of 3,582,074 shares. The stock had previously closed at $4.02.

The biotechnology company reported ($0.23) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.06. The company had revenue of $41.17 million for the quarter, compared to analysts’ expectations of $17.18 million. ImmunoGen had a negative return on equity of 75.89% and a negative net margin of 210.33%. The firm’s quarterly revenue was up 47.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.17) earnings per share.

Analyst Upgrades and Downgrades

IMGN has been the topic of a number of recent research reports. JPMorgan Chase & Co. boosted their price objective on ImmunoGen from $8.00 to $9.00 and gave the stock a “neutral” rating in a research note on Monday, January 23rd. Truist Financial assumed coverage on ImmunoGen in a research note on Monday, November 21st. They issued a “buy” rating and a $10.00 price target on the stock. Canaccord Genuity Group boosted their price target on ImmunoGen from $12.00 to $15.00 in a research note on Wednesday, November 16th. HC Wainwright reiterated a “buy” rating and issued a $15.00 price target on shares of ImmunoGen in a research note on Thursday. Finally, Barclays boosted their price target on ImmunoGen from $8.00 to $9.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, ImmunoGen presently has an average rating of “Hold” and an average price target of $12.29.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the company. Great West Life Assurance Co. Can acquired a new stake in shares of ImmunoGen during the 3rd quarter worth approximately $48,000. Nisa Investment Advisors LLC increased its position in ImmunoGen by 116.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 10,390 shares of the biotechnology company’s stock valued at $47,000 after acquiring an additional 5,600 shares during the period. Bank of Montreal Can acquired a new stake in ImmunoGen in the 2nd quarter valued at approximately $47,000. NewEdge Wealth LLC acquired a new stake in ImmunoGen in the 2nd quarter valued at approximately $52,000. Finally, IFG Advisory LLC acquired a new stake in ImmunoGen in the 4th quarter valued at approximately $60,000. Institutional investors own 89.13% of the company’s stock.

ImmunoGen Trading Up 10.7 %

The stock has a market capitalization of $982.34 million, a price-to-earnings ratio of -5.43 and a beta of 0.95. The firm has a 50-day moving average of $4.48 and a 200 day moving average of $5.11.

About ImmunoGen

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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.