Short-term stake in ImmunoGen, Inc. (NASDAQ:IMGN) decreases 13.9%

ImmunoGen, Inc. (NASDAQ: IMGN – Get a rating) was the target of a significant drop in short interest in August. As of August 31, there was short interest totaling 12,310,000 shares, down 13.9% from the total of 14,300,000 shares as of August 15. Based on an average daily volume of 3,140,000 shares, the day-to-cover ratio is currently 3.9 days.

Hedge funds weigh on ImmunoGen

Several large investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA increased its stake in ImmunoGen by 4.1% during the 4th quarter. BNP Paribas Arbitrage SA now owns 61,561 shares of the biotech company valued at $457,000 after purchasing an additional 2,406 shares during the period. TFC Financial Management increased its stake in ImmunoGen by 18.1% in the first quarter. TFC Financial Management now owns 17,950 shares of the biotech company valued at $85,000 after buying an additional 2,750 shares during the period. Blair William & Co. IL increased its stake in ImmunoGen by 0.5% in the 1st quarter. Blair William & Co. IL now owns 538,410 shares of the biotech company valued at $2,563,000 after purchasing an additional 2,925 shares during the period. Kestra Advisory Services LLC increased its stake in ImmunoGen by 14.6% during the 1st quarter. Kestra Advisory Services LLC now owns 23,468 shares of the biotech company valued at $112,000 after purchasing an additional 2,985 shares during the period. Finally, Mackenzie Financial Corp increased its stake in ImmunoGen by 4.4% during the first quarter. Mackenzie Financial Corp now owns 80,816 shares of the biotech company valued at $385,000 after buying 3,370 additional shares during the period. Institutional investors and hedge funds own 95.58% of the company’s shares.

ImmunoGen Price Performance

IMGN shares traded down $0.34 during Friday trading hours, hitting $5.04. The stock recorded a trading volume of 8,902,983 shares, compared to an average volume of 2,536,643 shares. ImmunoGen has a 12-month minimum of $3.10 and a 12-month maximum of $7.77. The company has a 50-day simple moving average of $5.40 and a 200-day simple moving average of $4.83. The company has a market capitalization of $1.11 billion, a PE ratio of -7.30 and a beta of 0.90.

ImmunoGen (NASDAQ:IMGN – Get a rating) last released its quarterly earnings data on Friday, July 29. The biotech company reported ($0.24) earnings per share for the quarter, missing analyst consensus estimates of ($0.21) by ($0.03). ImmunoGen posted a negative return on equity of 67.02% and a negative net margin of 179.64%. The company posted revenue of $14.20 million in the quarter, compared to analyst estimates of $16.18 million. During the same period last year, the company achieved EPS of ($0.15). The company’s revenue was down 16.0% year over year. On average, stock analysts expect ImmunoGen to post -0.89 earnings per share for the current year.

A Wall Street analyst gives his opinion

A number of research analysts have commented on IMGN shares. downgraded ImmunoGen’s shares from a “hold” to a “sell” rating in a Monday, Aug. 1 research note. Barclays began covering ImmunoGen shares in a report on Friday, September 9. They set an “overweight” rating and a target price of $8.00 on the stock. One equity research analyst has assigned the stock a sell rating, two have issued a hold rating and three have assigned the stock a buy rating. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $9.80.

About ImmunoGen

(Get a rating)

ImmunoGen, Inc., a clinical-stage biotechnology company, develops antibody-drug conjugate therapies (ADCs) to treat cancer. The Company’s product candidates include mirvetuximab soravtansine, an ADC targeting the folate receptor alpha (FRa), which is in a Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; and Pivekimab sunirine, an ADC targeting CD123 that is in a Phase II clinical trial for the treatment of acute myeloid leukemia and blast plasmacytoid dendritic cell neoplasm.

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