Citigroup Inc. reduced its position in shares of ImmunoGen, Inc. (NASDAQ:IMGN – Get Rating) by 33.3% in the 4th quarter, HoldingsChannel.com reports. The firm owned 602,926 shares of the biotechnology company’s stock after selling 301,572 shares during the quarter. Citigroup Inc.’s holdings in ImmunoGen were worth $2,991,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new position in ImmunoGen in the 2nd quarter valued at $47,000. Great West Life Assurance Co. Can acquired a new position in ImmunoGen in the 3rd quarter valued at $48,000. Seven Eight Capital LP acquired a new position in ImmunoGen in the 3rd quarter valued at $60,000. IFG Advisory LLC acquired a new position in ImmunoGen in the 4th quarter valued at $60,000. Finally, Atom Investors LP acquired a new position in ImmunoGen in the 3rd quarter valued at $62,000. 89.13% of the stock is owned by institutional investors and hedge funds.
ImmunoGen Stock Up 2.0 %
Shares of IMGN opened at $14.53 on Tuesday. ImmunoGen, Inc. has a 12-month low of $3.10 and a 12-month high of $14.91. The business has a 50-day simple moving average of $6.55 and a two-hundred day simple moving average of $5.38. The stock has a market cap of $3.28 billion, a PE ratio of -15.46 and a beta of 0.95.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on IMGN. Piper Sandler raised ImmunoGen from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $6.00 to $16.00 in a report on Wednesday, May 3rd. StockNews.com assumed coverage on ImmunoGen in a report on Thursday, May 18th. They set a “hold” rating for the company. HC Wainwright reissued a “buy” rating and set a $15.00 price target on shares of ImmunoGen in a report on Thursday, March 2nd. Finally, JPMorgan Chase & Co. boosted their price target on ImmunoGen from $8.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, January 23rd. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $13.71.
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.
- Get a free copy of the StockNews.com research report on ImmunoGen (IMGN)
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