ImmunoGen, Inc. (NASDAQ:IMGN) Short Interest Down 10.1% in September

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ImmunoGen, Inc. (NASDAQ:IMGN) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totalling 15,700,000 shares, a decline of 10.1% from the August 31st total of 17,470,000 shares. Based on an average daily volume of 2,170,000 shares, the short-interest ratio is presently 7.2 days.

IMGN stock traded up $0.17 during trading on Friday, hitting $3.87. The company had a trading volume of 3,015,933 shares, compared to its average volume of 2,716,472. The firm has a market cap of $675.48 million, a PE ratio of -9.00 and a beta of 2.16. ImmunoGen has a 1-year low of $1.95 and a 1-year high of $7.07. The firm has a 50-day moving average price of $3.75 and a 200-day moving average price of $4.02.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, July 31st. The biotechnology company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. The business had revenue of $15.03 million for the quarter, compared to analyst estimates of $14.29 million. As a group, research analysts forecast that ImmunoGen will post -0.7 EPS for the current year.

A number of analysts have recently commented on the company. Canaccord Genuity reiterated a “buy” rating on shares of ImmunoGen in a research report on Monday, August 3rd. BidaskClub upgraded ImmunoGen from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. JPMorgan Chase & Co. initiated coverage on ImmunoGen in a research report on Tuesday. They set a “neutral” rating on the stock. Guggenheim upgraded ImmunoGen from a “neutral” rating to a “buy” rating and set a $14.00 price target on the stock in a research report on Friday. Finally, William Blair restated a “buy” rating on shares of ImmunoGen in a research report on Friday, September 18th. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $9.69.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Arden Trust Co increased its position in ImmunoGen by 11.6% during the 2nd quarter. Arden Trust Co now owns 22,325 shares of the biotechnology company’s stock worth $103,000 after purchasing an additional 2,314 shares during the period. Credit Agricole S A increased its position in ImmunoGen by 35.0% during the 1st quarter. Credit Agricole S A now owns 13,500 shares of the biotechnology company’s stock worth $46,000 after purchasing an additional 3,500 shares during the period. Principal Financial Group Inc. increased its position in ImmunoGen by 9.8% during the 1st quarter. Principal Financial Group Inc. now owns 41,508 shares of the biotechnology company’s stock worth $141,000 after purchasing an additional 3,718 shares during the period. Legal & General Group Plc increased its position in ImmunoGen by 11.7% during the 1st quarter. Legal & General Group Plc now owns 44,016 shares of the biotechnology company’s stock worth $150,000 after purchasing an additional 4,596 shares during the period. Finally, Scotia Capital Inc. increased its position in ImmunoGen by 28.8% during the 2nd quarter. Scotia Capital Inc. now owns 22,335 shares of the biotechnology company’s stock worth $104,000 after purchasing an additional 5,000 shares during the period. Institutional investors own 79.37% of the company’s stock.

About ImmunoGen

ImmunoGen, Inc, a clinical-stage biotechnology company, develops antibody-drug conjugate (ADC) therapies to treat cancer. Its product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha, which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm.

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