Brokerages Expect ImmunoGen, Inc. (NASDAQ:IMGN) Will Post Earnings of -$0.32 Per Share

Wall Street brokerages forecast that ImmunoGen, Inc. (NASDAQ:IMGN) will report earnings per share of ($0.32) for the current quarter, according to Zacks Investment Research. Six analysts have made estimates for ImmunoGen’s earnings. The highest EPS estimate is ($0.24) and the lowest is ($0.40). ImmunoGen posted earnings per share of ($0.30) in the same quarter last year, which would indicate a negative year over year growth rate of 6.7%. The company is scheduled to report its next quarterly earnings report before the market opens on Friday, July 26th.

According to Zacks, analysts expect that ImmunoGen will report full-year earnings of ($0.96) per share for the current financial year, with EPS estimates ranging from ($1.14) to ($0.82). For the next financial year, analysts forecast that the business will post earnings of ($0.57) per share, with EPS estimates ranging from ($1.01) to ($0.33). Zacks’ EPS calculations are an average based on a survey of research firms that follow ImmunoGen.

ImmunoGen (NASDAQ:IMGN) last issued its earnings results on Friday, May 3rd. The biotechnology company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.01. ImmunoGen had a negative return on equity of 573.13% and a negative net margin of 406.27%. The business had revenue of $8.60 million during the quarter, compared to analysts’ expectations of $10.59 million. During the same quarter in the prior year, the firm earned ($0.30) EPS. The business’s revenue for the quarter was down 56.6% compared to the same quarter last year.

A number of brokerages have issued reports on IMGN. Zacks Investment Research cut Haynes International from a “hold” rating to a “sell” rating in a report on Wednesday, May 8th. HC Wainwright cut Hydrogenics from a “buy” rating to a “neutral” rating in a report on Friday, June 28th. Guggenheim cut ImmunoGen from a “buy” rating to a “neutral” rating in a report on Wednesday, May 15th. Cowen reaffirmed a “buy” rating on shares of ImmunoGen in a report on Thursday, June 27th. Finally, BidaskClub raised Zebra Technologies from a “hold” rating to a “buy” rating in a report on Saturday, July 6th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $3.03.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FDx Advisors Inc. bought a new stake in shares of ImmunoGen in the 2nd quarter valued at about $25,000. PFS Investments Inc. bought a new stake in shares of ImmunoGen in the 2nd quarter valued at about $28,000. Stratos Wealth Advisors LLC bought a new stake in shares of ImmunoGen in the 1st quarter valued at about $38,000. Marshall Wace North America L.P. bought a new stake in shares of ImmunoGen in the 1st quarter valued at about $52,000. Finally, Wedbush Securities Inc. bought a new stake in shares of ImmunoGen in the 1st quarter valued at about $53,000. Hedge funds and other institutional investors own 78.58% of the company’s stock.

IMGN traded up $0.02 on Friday, reaching $2.33. The stock had a trading volume of 1,081,006 shares, compared to its average volume of 3,785,006. ImmunoGen has a fifty-two week low of $1.76 and a fifty-two week high of $10.39. The firm’s 50-day moving average price is $2.15. The company has a debt-to-equity ratio of 0.19, a current ratio of 4.72 and a quick ratio of 4.72. The stock has a market cap of $345.42 million, a P/E ratio of -1.97 and a beta of 2.31.

ImmunoGen Company Profile

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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