Granahan Investment Management LLC boosted its stake in shares of ImmunoGen, Inc. (NASDAQ:IMGN – Get Rating) by 54.6% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,957,719 shares of the biotechnology company's stock after purchasing an additional 691,029 shares during the quarter. Granahan Investment Management LLC owned about 0.89% of ImmunoGen worth $9,319,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Xponance Inc. bought a new stake in shares of ImmunoGen in the first quarter valued at approximately $49,000. HighTower Advisors LLC acquired a new position in shares of ImmunoGen in the fourth quarter valued at $77,000. O Shaughnessy Asset Management LLC raised its stake in shares of ImmunoGen by 68.2% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 12,620 shares of the biotechnology company's stock valued at $94,000 after purchasing an additional 5,115 shares in the last quarter. XTX Topco Ltd acquired a new position in ImmunoGen during the first quarter worth $62,000. Finally, TFC Financial Management raised its stake in ImmunoGen by 18.1% during the first quarter. TFC Financial Management now owns 17,950 shares of the biotechnology company's stock worth $85,000 after acquiring an additional 2,750 shares in the last quarter. Institutional investors own 95.58% of the company's stock.

Analyst Upgrades and Downgrades

IMGN has been the subject of several recent analyst reports. Barclays initiated coverage on ImmunoGen in a research note on Friday. They set an "overweight" rating and a $8.00 price objective for the company. StockNews.com lowered ImmunoGen from a "hold" rating to a "sell" rating in a research note on Monday, August 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $9.80.

ImmunoGen Price Performance

ImmunoGen (NASDAQ:IMGN – Get Rating) last posted its quarterly earnings results on Friday, July 29th. The biotechnology company reported ($0.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.03). The firm had revenue of $14.20 million during the quarter, compared to the consensus estimate of $16.18 million. ImmunoGen had a negative net margin of 179.64% and a negative return on equity of 67.02%. ImmunoGen's revenue was down 16.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.15) EPS. As a group, sell-side analysts expect that ImmunoGen, Inc. will post -0.89 EPS for the current year.

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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