The Vanguard Group, Inc. has recently announced that it has increased stake in ImmunoGen Inc. (NASDAQ:IMGN) by 40.01%. After grabbing 20.38 million shares, the institutional investor is now in possession of 5.82 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 8.19% having worth around $363.16 million. Moreover, Redmile Group LLC increased its share by 9.68 million to have a control over 17.73 million shares. And BlackRock Fund Advisors raised its holdings to 2.11 million shares by acquiring 17.1 million shares or 6.87% of the stake.
ImmunoGen Inc. (IMGN) concluded trading on 09/13/23 at a closing price of $15.88, with 5.42 million shares of worth about $86.1 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 282.65% during that period and on Wednesday the price saw a gain of about 2.78%. Currently the company’s common shares owned by public are about 263.45M shares, out of which, 248.01M 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: 12 analysts are covering the IMGN stock and their offered price forecasts bring an average price target of $22.90. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $27.00 and could fall to a lowest price of $13.00. The stock’s current price level is 33.22% above of average price target set by the analysts, while a rise to estimated low would result in loss of -22.15% for the stock. However, touching the estimated high of $27.00 would mean a gain of 41.19% 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 38 times over the past 12 months. They bought 3,461,237 shares in 31 of the transactions. In 7 selling transactions, insiders dumped 3,240,412 shares.
Vanguard Total Stock Market ETF, iShares Russell 2000 ETF, and Janus Henderson Global Life Scien are the top 3 mutual funds which are holding stakes in ImmunoGen Inc. Vanguard Total Stock Market ETF is currently holding 8.06 million shares of worth totaling $143.69 million. The company recently came selling 9972.0 shares which brought its stake up to 3.24% of the company’s outstanding shares. iShares Russell 2000 ETF bought 28470.0 shares, after which its hold over company’s outstanding shares expand to 2.21%, leaving 5.5 million shares with the mutual fund that have a worth of about $97.99 million. Janus Henderson Global Life Scien, after selling 3.72 million shares, have now control over 1.49% of the stake in the company. It holds -1.11 million shares of worth $66.27 million.
ImmunoGen Inc. (NASDAQ: IMGN) started trading at $16.05, above $0.6 from concluding price of the previous day. However, the stock later moved at a day high price of 16.43, or with a gain of 2.78%. Stock saw a price change of 1.86% in past 5 days and over the past one month there was a price change of 5.03%. Year-to-date (YTD), IMGN shares are showing a performance of 220.16% which increased to 191.91% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $3.61 but also hit the highest price of $20.69 during that period. The average intraday trading volume for ImmunoGen Inc. shares is 4.83 million. The stock is currently trading 0.36% above its 20-day simple moving average (SMA20), while that difference is down -6.34% for SMA50 and it goes to 60.81% higher than SMA200.
The Vanguard Group, Inc. acquired 20.38 million shares of ImmunoGen Inc. having value of about $363.16 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 5.82 million shares in the company valued at close to $92486120.44, or have control over 40.01% stake in the company. ImmunoGen Inc. (NASDAQ: IMGN) currently have 263.45M outstanding shares and institutions hold larger chunk of about 93.10% of that. Holding of mutual funds in the company is about 37.65% while other institutional holders and individual stake holders have control over 52.80% and 1.41% of the stake respectively.
The stock has a current market capitalization of $3.90B and its 3Y-monthly beta is at 1.00. It has posted earnings per share of -$0.71 in the same period. It has Quick Ratio of 7.10 while making debt-to-equity ratio of 0.15. 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 3.05% while standing at 3.57% over the month.
Analysts are in expectations that ImmunoGen Inc. (IMGN) stock would likely to be making an EPS of $0.04 in the current quarter, while forecast for next quarter EPS is $0.06 and it is $0.2 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.02 which is $0.1 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 -$0.31 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -30.10% while it is estimated to increase by 433.30% in next year.
Analysts at 12 brokerage firms have issued recommendations for the ImmunoGen Inc. (IMGN)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.80. Out of those 12 Wall Street analysts, 10 recommended a “Buy” rating, while 1 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 Piper Sandler on May 03, 2023 offering an Overweight rating for the stock and assigned a target price range of between $6 and $16 to it.