StockNews.com Initiates Coverage on ImmunoGen (NASDAQ:IMGN)

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

ImmunoGen Price Performance

Shares of NASDAQ:IMGN opened at $31.23 on Wednesday. The company has a market capitalization of $8.32 billion, a P/E ratio of -100.74 and a beta of 1.18. The company’s 50-day moving average is $31.08 and its 200 day moving average is $25.29. The company has a debt-to-equity ratio of 0.13, a quick ratio of 5.65 and a current ratio of 5.70. ImmunoGen has a fifty-two week low of $3.61 and a fifty-two week high of $31.25.

Insider Buying and Selling

In other news, SVP Theresa Wingrove sold 187,667 shares of the firm’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $29.64, for a total transaction of $5,562,449.88. Following the sale, the senior vice president now owns 3,426 shares in the company, valued at approximately $101,546.64. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 5.07% of the stock is owned by company insiders.

Hedge Funds Weigh In On ImmunoGen

Several institutional investors and hedge funds have recently bought and sold shares of IMGN. RA Capital Management L.P. grew its position in shares of ImmunoGen by 471.8% in the 3rd quarter. RA Capital Management L.P. now owns 13,322,288 shares of the biotechnology company’s stock worth $211,425,000 after buying an additional 10,992,330 shares during the last quarter. State Street Corp boosted its holdings in ImmunoGen by 69.9% in the first quarter. State Street Corp now owns 13,707,389 shares of the biotechnology company’s stock valued at $65,247,000 after acquiring an additional 5,638,822 shares in the last quarter. Norges Bank purchased a new position in ImmunoGen during the 4th quarter valued at $164,241,000. FIL Ltd bought a new position in ImmunoGen in the 4th quarter worth $158,924,000. Finally, Vanguard Group Inc. lifted its position in shares of ImmunoGen by 17.1% in the 3rd quarter. Vanguard Group Inc. now owns 24,482,155 shares of the biotechnology company’s stock worth $388,532,000 after purchasing an additional 3,583,129 shares during the period. 90.50% of the stock is currently owned by 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.