Wellington Management Co. LLP recently announced the acquisition of new stake in ImmunoGen Inc. (NASDAQ:IMGN). The institutional investor has increased its shareholding in the Healthcare company by 21.72% to 23.31 million shares with purchase of 4.16 million shares. This fresh investment now brings its stake to 13.37% valued currently at $95.81 million. In addition, BlackRock Fund Advisors raised its holdings by 0.56 million to 12.91 million shares. And SSgA Funds Management, Inc. has lifted its position by 60.38% or 3.46 million shares – to 9.18 million shares.
With over 2.18 million ImmunoGen Inc. (IMGN) shares trading Monday and a closing price of $3.70 on the day, the dollar volume was approximately $8.06 million. The shares have shown a positive weekly performance of 4.23% and its price on 08/31/20 lost nearly -1.07%. Currently, there are 174.35M common shares owned by the public and among those 173.49M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for IMGN have a consensus price objective of $6.96. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $4.00 should the stock experience a downside. Incidentally, analysts’ outlook for the ImmunoGen Inc. stock is 2.20 for the next 12 months. But an upside of 69.17% will see the stock hit the forecast high price target while mean target price for the stock is $6.38.
Insiders at the company have transacted a total of 14 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 8 of these insider trades were purchases, accounting for 40,048 shares. Insider sales of the common stock occurred on 6 occasions, with total insider shares sold totaling 135,902 shares.
The top 3 mutual fund holders in ImmunoGen Inc. are Vanguard Explorer Fund, SPDR S&P Biotech ETF, and Vanguard Total Stock Market Index. Vanguard Explorer Fund owns 8.13 million shares of the company’s stock, all valued at over $33.43 million. The company sold -0.19 million shares recently to bring their total holdings to about 4.66% of the shares outstanding. SPDR S&P Biotech ETF sold 61656.0 shares to see its total holdings shrink to 6.15 million shares valued at over $25.29 million and representing 3.53% of the shares outstanding. Vanguard Total Stock Market Index sold 2226.0 shares to bring its total holdings to over 4.93 million shares at a value of $20.24 million. Vanguard Total Stock Market Index now owns shares totaling to 2.82% of the shares outstanding.
Shares of ImmunoGen Inc. (NASDAQ: IMGN) opened at $3.68, down -$0.06 from a prior closing price of $3.74. However, the script later closed the day at $3.70, down -1.07%. The company’s stock has a 5-day price change of 4.23% and -27.88% over the past three months. IMGN shares are trading -27.52% year to date (YTD), with the 12-month market performance up to 36.03% higher. It has a 12-month low price of $1.95 and touched a high of $7.07 over the same period. Currently, 2.18 million shares have been traded, compared to an average intraday trading volume of 2.18 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.47%, -12.54%, and -12.81% respectively.
Institutional ownership of ImmunoGen Inc. (NASDAQ: IMGN) shares accounts for 80.10% of the company’s 174.35M shares outstanding. Mutual fund holders own 32.83%, while other institutional holders and individual stakeholders account for 47.28% and 1.54% respectively.
It has a market capitalization of $649.28M and a beta (3y monthly) value of 2.17. The earnings-per-share (ttm) stands at -$0.43. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.92% over the week and 5.39% over the month.
Analysts forecast that ImmunoGen Inc. (IMGN) will achieve an EPS of -$0.18 for the current quarter, -$0.19 for the next quarter and -$0.75 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.23 while analysts give the company a high EPS estimate of -$0.14. Comparatively, EPS for the current quarter was -$0.15 a year ago. Earnings per share for the fiscal year are expected to increase by 41.80%, and -8.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate ImmunoGen Inc. (IMGN) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 4 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the IMGN, a number of firms have released research notes about the stock. H.C. Wainwright stated their Buy rating for the stock in a research note on December 17, 2019, with the firm’s price target at $5-$9. H.C. Wainwright coverage for the ImmunoGen Inc. (IMGN) stock in a research note released on August 13, 2019 offered a Buy rating with a price target of $5. Guggenheim was of a view on May 15, 2019 that the stock is Neutral, while H.C. Wainwright gave the stock Buy rating on May 06, 2019, issuing a price target of $7. Cowen on their part issued Outperform rating on May 06, 2019.