ImmunoGen, Inc. (NASDAQ:IMGN – Get Rating) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totalling 12,310,000 shares, a decline of 13.9% from the August 15th total of 14,300,000 shares. Based on an average daily trading volume, of 3,140,000 shares, the short-interest ratio is presently 3.9 days.
ImmunoGen Stock Performance
Shares of NASDAQ:IMGN traded down $0.34 on Friday, hitting $5.04. The stock had a trading volume of 8,902,983 shares, compared to its average volume of 2,536,643. ImmunoGen has a twelve month low of $3.10 and a twelve month high of $7.77. The firm's 50 day moving average price is $5.40 and its 200-day moving average price is $4.83. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -7.30 and a beta of 0.90.
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ImmunoGen (NASDAQ:IMGN – Get Rating) last issued its earnings results on Friday, July 29th. The biotechnology company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.03). ImmunoGen had a negative net margin of 179.64% and a negative return on equity of 67.02%. The firm had revenue of $14.20 million during the quarter, compared to analyst estimates of $16.18 million. During the same quarter in the prior year, the firm posted ($0.15) EPS. The firm's revenue for the quarter was down 16.0% on a year-over-year basis. As a group, sell-side analysts predict that ImmunoGen will post -0.89 EPS for the current year.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on the stock. StockNews.com downgraded shares of ImmunoGen from a "hold" rating to a "sell" rating in a research note on Monday, August 1st. Barclays assumed coverage on shares of ImmunoGen in a research note on Friday, September 9th. They set an "overweight" rating and a $8.00 price target on the stock. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $9.80.
Institutional Investors Weigh In On ImmunoGen
Several institutional investors and hedge funds have recently made changes to their positions in IMGN. RA Capital Management L.P. raised its holdings in shares of ImmunoGen by 7.4% in the first quarter. RA Capital Management L.P. now owns 21,741,458 shares of the biotechnology company's stock valued at $103,489,000 after buying an additional 1,500,000 shares during the last quarter. State Street Corp raised its holdings in shares of ImmunoGen by 32.8% in the second quarter. State Street Corp now owns 18,199,554 shares of the biotechnology company's stock valued at $81,898,000 after buying an additional 4,492,165 shares during the last quarter. BlackRock Inc. raised its holdings in shares of ImmunoGen by 10.6% in the first quarter. BlackRock Inc. now owns 16,432,933 shares of the biotechnology company's stock valued at $78,225,000 after buying an additional 1,569,629 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of ImmunoGen by 2.3% in the first quarter. Vanguard Group Inc. now owns 15,478,516 shares of the biotechnology company's stock valued at $73,678,000 after buying an additional 346,764 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C raised its holdings in shares of ImmunoGen by 332.8% in the second quarter. Deerfield Management Company L.P. Series C now owns 15,020,490 shares of the biotechnology company's stock valued at $67,592,000 after buying an additional 11,549,815 shares during the last quarter. Institutional investors and hedge funds own 95.58% of the company's stock.
About ImmunoGen
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ImmunoGen, Inc, a clinical-stage biotechnology company, develops antibody-drug conjugate (ADC) therapies to treat cancer. The company's product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha (FRa), which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; and Pivekimab sunirine, a CD123-targeting ADC that is in Phase II clinical trial for treating acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm.
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