ImmunoGen (NASDAQ:IMGN) Posts Earnings Results, Beats Expectations By $0.03 EPS

ImmunoGen (NASDAQ:IMGN) issued its quarterly earnings results on Friday. The biotechnology company reported ($0.29) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.03, MarketWatch Earnings reports. ImmunoGen had a negative return on equity of 573.13% and a negative net margin of 406.27%. The business had revenue of $15.54 million during the quarter, compared to the consensus estimate of $10.33 million. ImmunoGen updated its FY 2019 guidance to EPS.

IMGN traded down $0.05 during trading on Friday, reaching $2.24. 2,854,714 shares of the company were exchanged, compared to its average volume of 2,204,273. The firm has a market capitalization of $336.45 million, a PE ratio of -1.90 and a beta of 2.30. The business’s 50 day moving average price is $2.23. The company has a debt-to-equity ratio of 0.19, a quick ratio of 4.72 and a current ratio of 4.72. ImmunoGen has a 52 week low of $1.76 and a 52 week high of $10.37.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. LPL Financial LLC grew its position in ImmunoGen by 6.3% during the 4th quarter. LPL Financial LLC now owns 33,907 shares of the biotechnology company’s stock worth $163,000 after purchasing an additional 2,008 shares during the last quarter. BlackRock Inc. lifted its stake in ImmunoGen by 7.8% during the 4th quarter. BlackRock Inc. now owns 12,378,204 shares of the biotechnology company’s stock valued at $59,416,000 after acquiring an additional 896,227 shares during the period. Stifel Financial Corp lifted its stake in ImmunoGen by 23.8% during the 4th quarter. Stifel Financial Corp now owns 104,147 shares of the biotechnology company’s stock valued at $412,000 after acquiring an additional 19,988 shares during the period. Geode Capital Management LLC lifted its stake in ImmunoGen by 6.0% during the 4th quarter. Geode Capital Management LLC now owns 1,717,770 shares of the biotechnology company’s stock valued at $8,245,000 after acquiring an additional 96,984 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in ImmunoGen by 3.3% during the 4th quarter. Principal Financial Group Inc. now owns 114,173 shares of the biotechnology company’s stock valued at $548,000 after acquiring an additional 3,696 shares during the period. Hedge funds and other institutional investors own 78.64% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. Cowen reiterated a “buy” rating on shares of ImmunoGen in a report on Thursday, June 27th. HC Wainwright set a $4.00 price target on ImmunoGen and gave the company a “buy” rating in a report on Friday, June 28th. BidaskClub upgraded ImmunoGen from a “strong sell” rating to a “sell” rating in a report on Saturday, July 6th. Guggenheim downgraded ImmunoGen from a “buy” rating to a “neutral” rating in a report on Wednesday, May 15th. Finally, ValuEngine upgraded ImmunoGen from a “sell” rating to a “hold” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $3.03.

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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Earnings History for ImmunoGen (NASDAQ:IMGN)

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