ImmunoGen, Inc. (NASDAQ:IMGN) Shares Sold by Raymond James Financial Services Advisors Inc.

Posted by Defense World Staff on Oct 31st, 2023

Raymond James Financial Services Advisors Inc. trimmed its stake in ImmunoGen, Inc. (NASDAQ:IMGN – Free Report) by 40.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 32,648 shares of the biotechnology company’s stock after selling 22,291 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in ImmunoGen were worth $616,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. State Street Corp increased its stake in shares of ImmunoGen by 69.9% during the first quarter. State Street Corp now owns 13,707,389 shares of the biotechnology company’s stock worth $65,247,000 after buying an additional 5,638,822 shares during the period. Maverick Capital Ltd. increased its position in shares of ImmunoGen by 93.6% in the 4th quarter. Maverick Capital Ltd. now owns 6,878,943 shares of the biotechnology company’s stock valued at $34,120,000 after purchasing an additional 3,325,815 shares during the last quarter. Artisan Partners Limited Partnership acquired a new stake in shares of ImmunoGen in the 1st quarter valued at $12,216,000. BlackRock Inc. lifted its position in shares of ImmunoGen by 10.6% during the 1st quarter. BlackRock Inc. now owns 16,432,933 shares of the biotechnology company’s stock worth $78,225,000 after purchasing an additional 1,569,629 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of ImmunoGen by 57.7% during the third quarter. Dimensional Fund Advisors LP now owns 2,540,851 shares of the biotechnology company’s stock worth $12,145,000 after purchasing an additional 929,775 shares in the last quarter. 90.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at ImmunoGen

In other news, CEO Mark J. Enyedy sold 1,020,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $16.61, for a total transaction of $16,942,200.00. Following the transaction, the chief executive officer now directly owns 441,449 shares of the company’s stock, valued at $7,332,467.89. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Mark J. Enyedy sold 1,020,000 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $16.61, for a total transaction of $16,942,200.00. Following the completion of the transaction, the chief executive officer now owns 441,449 shares of the company’s stock, valued at $7,332,467.89. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Renee Lentini sold 148,277 shares of the firm’s stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $17.55, for a total transaction of $2,602,261.35. Following the transaction, the insider now owns 22,843 shares of the company’s stock, valued at approximately $400,894.65. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,737,085 shares of company stock worth $28,143,641. Company insiders own 5.07% of the company’s stock.

ImmunoGen Price Performance

IMGN stock opened at $14.04 on Tuesday. The company has a market cap of $3.50 billion, a PE ratio of -19.50 and a beta of 0.99. The company has a current ratio of 7.14, a quick ratio of 7.11 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average price of $15.20 and a two-hundred day moving average price of $14.95. ImmunoGen, Inc. has a 12-month low of $3.61 and a 12-month high of $20.69.

ImmunoGen (NASDAQ:IMGN – Get Free Report) last released its quarterly earnings data on Monday, July 31st. The biotechnology company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.14. The company had revenue of $83.20 million for the quarter, compared to analyst estimates of $49.15 million. ImmunoGen had a negative return on equity of 76.92% and a negative net margin of 96.02%. The firm’s revenue was up 485.9% compared to the same quarter last year. During the same period last year, the company posted ($0.24) earnings per share. As a group, research analysts predict that ImmunoGen, Inc. will post -0.1 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IMGN. Canaccord Genuity Group increased their price objective on ImmunoGen from $23.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, August 1st. BMO Capital Markets raised their price objective on shares of ImmunoGen from $25.00 to $26.00 and gave the stock an “outperform” rating in a report on Tuesday, August 1st. Barclays upped their target price on shares of ImmunoGen from $20.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday, August 2nd. JPMorgan Chase & Co. raised shares of ImmunoGen from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $9.00 to $22.00 in a research report on Wednesday, September 13th. Finally, StockNews.com began coverage on ImmunoGen in a report on Thursday, October 5th. They set a “hold” rating on the stock. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $22.11.

View Our Latest Stock Report on ImmunoGen

ImmunoGen Company Profile

(Free Report)

ImmunoGen, Inc, a commercial-stage biotechnology company, focuses on developing and commercializing the antibody-drug conjugates (ADCs) for cancer patients. The company's product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha (FRa), for the treatment of platinum-resistant ovarian cancer; and a cell-surface protein expressed in various epithelial tumors, including ovarian, endometrial, and non-small-cell lung cancers, as well as Pivekimab sunirine, a CD123-targeting ADC that is in Phase II clinical trial for treating acute myeloid leukemia and blastic plasmacytoid dendritic cell neoplasm.