Leerink Swann Upgrades ImmunoGen, Inc. (IMGN) to Outperform

ImmunoGen, Inc. (NASDAQ:IMGN) was upgraded by research analysts at Leerink Swann from a “market perform” rating to an “outperform” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $3.90 price target on the biotechnology company’s stock, up from their previous price target of $3.53. Leerink Swann’s price objective indicates a potential downside of 6.92% from the stock’s previous close.

A number of other brokerages also recently weighed in on IMGN. Jefferies Group LLC reissued a “buy” rating and issued a $6.00 price target on shares of ImmunoGen in a report on Wednesday, April 12th. Cowen and Company reaffirmed a “hold” rating on shares of ImmunoGen in a report on Monday, March 13th. Zacks Investment Research downgraded shares of ImmunoGen from a “buy” rating to a “hold” rating in a report on Monday, March 6th. Morgan Stanley reduced their price objective on shares of ImmunoGen from $2.50 to $1.30 and set an “underweight” rating for the company in a report on Wednesday, March 1st. Finally, Canaccord Genuity set a $6.00 price objective on shares of ImmunoGen and gave the stock a “buy” rating in a report on Saturday, February 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $4.74.

Analyst Recommendations for ImmunoGen (NASDAQ:IMGN)

Shares of ImmunoGen (NASDAQ:IMGN) opened at 4.19 on Wednesday. ImmunoGen has a 1-year low of $1.51 and a 1-year high of $9.45. The stock’s market capitalization is $366.91 million. The firm has a 50-day moving average of $3.55 and a 200 day moving average of $2.54.

ImmunoGen (NASDAQ:IMGN) last announced its quarterly earnings results on Friday, February 17th. The biotechnology company reported ($0.39) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.39). The business had revenue of $13.85 million for the quarter, compared to analyst estimates of $16.28 million. During the same quarter last year, the company earned ($0.38) EPS. The business’s revenue for the quarter was down 23.2% compared to the same quarter last year. On average, equities analysts anticipate that ImmunoGen will post ($1.44) earnings per share for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This report was published by sleekmoney and is the property of of sleekmoney. If you are accessing this report on another domain, it was stolen and republished in violation of U.S. & international trademark and copyright laws. The original version of this report can be read at http://sleekmoney.com/leerink-swann-upgrades-immunogen-inc-imgn-to-outperform/1752326.html.

A number of large investors have recently bought and sold shares of IMGN. Creative Planning boosted its stake in ImmunoGen by 116.4% in the first quarter. Creative Planning now owns 53,444 shares of the biotechnology company’s stock valued at $207,000 after buying an additional 28,744 shares during the last quarter. Teachers Advisors LLC boosted its stake in ImmunoGen by 10.6% in the fourth quarter. Teachers Advisors LLC now owns 209,859 shares of the biotechnology company’s stock valued at $428,000 after buying an additional 20,171 shares during the last quarter. Norges Bank bought a new stake in ImmunoGen during the fourth quarter valued at $3,123,000. Moloney Securities Asset Management LLC bought a new stake in ImmunoGen during the fourth quarter valued at $411,000. Finally, Federated Investors Inc. PA boosted its stake in ImmunoGen by 69.6% in the fourth quarter. Federated Investors Inc. PA now owns 108,104 shares of the biotechnology company’s stock valued at $221,000 after buying an additional 44,353 shares during the last quarter. Hedge funds and other institutional investors own 85.26% of the company’s stock.

ImmunoGen Company Profile

ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. The Company is engaged in the discovery of monoclonal antibody-based anticancer therapeutics. An ADC with the Company’s technology comprises an antibody that binds to a target found on tumor cells conjugated to one of its anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target.

5 Day Chart for NASDAQ:IMGN

This story was originally published by sleekmoney (http://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at http://sleekmoney.com/leerink-swann-upgrades-immunogen-inc-imgn-to-outperform/1752326.html

Receive News & Ratings for ImmunoGen Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ImmunoGen Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

 

Leave a Reply

Your email address will not be published. Required fields are marked *