Following The Money: Institution’s Growing Stake In ImmunoGen Inc. (NASDAQ: IMGN)


    Wellington Management Co. LLP has recently announced that it has increased stake in ImmunoGen Inc. (NASDAQ:IMGN) by 21.72%. After grabbing 23.31 million shares, the institutional investor is now in possession of 4.16 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 13.37% having worth around $95.81 million. Moreover, BlackRock Fund Advisors increased its share by 0.56 million to have a control over 12.91 million shares. And SSgA Funds Management, Inc. raised its holdings to 3.46 million shares by acquiring 9.18 million shares or 5.27% of the stake.

    ImmunoGen Inc. (IMGN) concluded trading on 08/27/20 at a closing price of $3.76, with 1.08 million shares of worth about $4.06 million changed hands on the day. Weekly performance of the stock remained negative as price took a plunge of -2.34% during that period and on Thursday the price saw a loss of about -0.66%. Currently the company’s common shares owned by public are about 174.35M shares, out of which, 173.49M shares are available for trading.

    A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 9 analysts are covering the IMGN stock and their offered price forecasts bring an average price target of $6.96. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $12.00 and could fall to a lowest price of $4.00. Analysts also issued an outlook of 2.20 for the ImmunoGen Inc. stock for next 12 months. However, touching the estimated high of $12.00 would mean a gain of 68.67% for the stock.

    According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 14 times over the past 12 months. They bought 40,048 shares in 8 of the transactions. In 6 selling transactions, insiders dumped 135,902 shares.

    Vanguard Explorer Fund, SPDR S&P Biotech ETF, and Vanguard Total Stock Market Index are the top 3 mutual funds which are holding stakes in ImmunoGen Inc. Vanguard Explorer Fund is currently holding 8.13 million shares of worth totaling $33.43 million. The company recently came selling -0.19 million shares which brought its stake up to 4.66% of the company’s outstanding shares. SPDR S&P Biotech ETF sold 61656.0 shares, after which its hold over company’s outstanding shares shrunk to 3.53%, leaving 6.15 million shares with the mutual fund that have a worth of about $25.29 million. Vanguard Total Stock Market Index, after selling 4.93 million shares, have now control over 2.82% of the stake in the company. It holds 2226.0 shares of worth $20.24 million.

    ImmunoGen Inc. (NASDAQ: IMGN) started trading at $3.79, below $0.0 from concluding price of the previous day. However, the stock finished the trading on the day at a closing price of $3.76, or with a loss of -0.66%. Stock saw a price change of -2.34% in past 5 days and over the past one month there was a price change of -9.62%. Year-to-date (YTD), IMGN shares are showing a performance of -26.35% which increased to 45.17% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $1.95 but also hit the highest price of $7.07 during that period. While comparing its average daily trading volume of 2.21 million shares, we see that about 1.08 million changed hands on the day. The stock is currently trading -3.14% below its 20-day simple moving average (SMA20), while that difference is down -11.79% for SMA50 and it goes to -11.29% lower than SMA200.

    Wellington Management Co. LLP acquired 23.31 million shares of ImmunoGen Inc. having value of about $95.81 million. Data submitted at the U.S SEC by Wellington Management Co. LLP revealed that the firm now holds 4.16 million shares in the company valued at close to $15642562.56, or have control over 21.72% stake in the company. ImmunoGen Inc. (NASDAQ: IMGN) currently have 174.35M outstanding shares and institutions hold larger chunk of about 80.00% of that. Holding of mutual funds in the company is about 32.29% while other institutional holders and individual stake holders have control over 47.75% and 1.54% of the stake respectively.

    The stock has a current market capitalization of $667.55M and its 3Y-monthly beta is at 2.25. It has posted earnings per share of -$0.43 in the same period. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for IMGN, volatility over the week remained 6.83% while standing at 6.09% over the month.

    Analysts are in expectations that ImmunoGen Inc. (IMGN) stock would likely to be making an EPS of -$0.18 in the current quarter, while forecast for next quarter ESPS is -$0.19 and it is -$0.75 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.23 which is -$0.14 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.15 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 41.80% while it is estimated to decrease by -8.70% in next year.

    Analysts at 9 brokerage firms have issued recommendations for the ImmunoGen Inc. (IMGN)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.20. Out of those 9 Wall Street analysts, 5 recommended a “Buy” rating, while 4 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.

    Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by H.C. Wainwright on December 17, 2019 offering a Buy rating for the stock and assigned a target price range of between $5 and $9 to it. Coverage by H.C. Wainwright stated ImmunoGen Inc. (IMGN) stock as a Buy in their note to investors on August 13, 2019, suggesting a price target of $5 for the stock. On May 15, 2019, Guggenheim Downgrade their recommendations, while on May 06, 2019, H.C. Wainwright Upgrade their ratings for the stock with a price target of $7. Stock get an Outperform rating from Cowen on May 06, 2019.


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