ImmunoGen (NASDAQ:IMGN) Sees Strong Trading Volume on Analyst Upgrade

Shares of ImmunoGen, Inc. (NASDAQ:IMGN - Get Rating) saw an uptick in trading volume on Thursday after Canaccord Genuity Group raised their price target on the stock from $12.00 to $15.00. 219,596 shares traded hands during trading, a decline of 95% from the previous session's volume of 4,250,852 shares.The stock last traded at $5.27 and had previously closed at $5.19.

Several other analysts have also commented on IMGN. StockNews.com began coverage on shares of ImmunoGen in a research report on Wednesday, October 12th. They issued a "sell" rating on the stock. HC Wainwright lifted their price objective on shares of ImmunoGen from $12.00 to $20.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Barclays lifted their price objective on shares of ImmunoGen from $8.00 to $9.00 and gave the stock an "overweight" rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, ImmunoGen presently has a consensus rating of "Hold" and an average price target of $12.14.

Hedge Funds Weigh In On ImmunoGen

Several hedge funds have recently bought and sold shares of the company. BNP Paribas Arbitrage SNC grew its stake in ImmunoGen by 451.5% during the third quarter. BNP Paribas Arbitrage SNC now owns 344,240 shares of the biotechnology company's stock valued at $1,645,000 after acquiring an additional 281,816 shares in the last quarter. Two Sigma Advisers LP grew its stake in ImmunoGen by 6.6% during the third quarter. Two Sigma Advisers LP now owns 3,012,418 shares of the biotechnology company's stock valued at $14,399,000 after acquiring an additional 185,600 shares in the last quarter. Two Sigma Investments LP grew its stake in ImmunoGen by 19.7% during the third quarter. Two Sigma Investments LP now owns 2,424,757 shares of the biotechnology company's stock valued at $11,590,000 after acquiring an additional 399,130 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in ImmunoGen by 11.3% during the third quarter. UBS Asset Management Americas Inc. now owns 244,602 shares of the biotechnology company's stock valued at $1,169,000 after acquiring an additional 24,834 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in ImmunoGen by 108.3% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 100,823 shares of the biotechnology company's stock worth $482,000 after buying an additional 52,410 shares in the last quarter. Hedge funds and other institutional investors own 95.58% of the company's stock.

ImmunoGen Stock Performance

The firm has a market cap of $1.17 billion, a PE ratio of -6.33 and a beta of 1.06. The stock's 50 day simple moving average is $5.49 and its 200 day simple moving average is $4.96.

About ImmunoGen

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

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