The Vanguard Group, Inc. recently announced the acquisition of new stake in Immunogen, Inc. (NASDAQ:IMGN). The institutional investor has increased its shareholding in the Healthcare company by 17.35% to 23.92 million shares with purchase of 3.54 million shares. This fresh investment now brings its stake to 9.61% valued currently at $355.38 million. In addition, Janus Henderson Investors US LLC raised its holdings by 2.07 million to 16.98 million shares. And RA Capital Management LP has lifted its position by 471.78% or 10.99 million shares – to 13.32 million shares.
With over 30.17 million Immunogen, Inc. (IMGN) shares trading Friday and a closing price of $29.32 on the day, the dollar volume was approximately $884.48 million. The shares have shown a positive half year performance of 104.04% and its price on 12/01/23 lost nearly -0.10%. Currently, there are 266.26M common shares owned by the public and among those 259.43M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for IMGN have a consensus price objective of $28.90. The analysts have set the share’s price value over the next 12 months at a high of $31.26 and a low of $19.00. The average price target is -1.45% below its recent price level and a downside to the estimated low will see the stock lose -54.32% over that period. But an upside of 6.21% will see the stock hit the forecast high price target while median target price for the stock is $31.00.
Insiders at the company have transacted a total of 82 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 63 of these insider trades were purchases, accounting for 4,356,007 shares. Insider sales of the common stock occurred on 19 occasions, with total insider shares sold totaling 4,269,035 shares.
The top 3 mutual fund holders in Immunogen, Inc. are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and iShares Russell 2000 ETF. Vanguard Total Stock Market ETF owns 7.78 million shares of the company’s stock, all valued at over $115.63 million. The company bought an additional 14876.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard Small Cap Index Fund bought 13308.0 shares to see its total holdings expand to 6.42 million shares valued at over $95.41 million and representing 2.58% of the shares outstanding. iShares Russell 2000 ETF sold 55696.0 shares to bring its total holdings to over 5.55 million shares at a value of $82.42 million. iShares Russell 2000 ETF now owns shares totaling to 2.23% of the shares outstanding.
Shares of Immunogen, Inc. (NASDAQ: IMGN) opened at $29.25, down -$0.1 from a prior closing price of $29.35. The company’s stock has a 5-day price change of 82.57% and 84.17% over the past three months. IMGN shares are trading 491.13% year to date (YTD), with the 12-month market performance up to 464.93% higher. It has a 12-month low price of $3.61 and touched a high of $29.44 over the same period. IMGN has an average intraday trading volume of 5.88 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 79.45%, 90.40%, and 128.16% respectively.
Institutional ownership of Immunogen, Inc. (NASDAQ: IMGN) shares accounts for 91.26% of the company’s 266.26M shares outstanding. Mutual fund holders own 42.39%, while other institutional holders and individual stakeholders account for 55.29% and 1.41% respectively.
It has a market capitalization of $7.81B and a beta (3y monthly) value of 1.21. The earnings-per-share (ttm) stands at -$0.30. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.10% over the week and 5.22% over the month.
Analysts forecast that Immunogen, Inc. (IMGN) will achieve an EPS of $0.12 for the current quarter, $0.04 for the next quarter and $0.37 for 2024. The lowest estimate earnings-per-share for the quarter is $0.07 while analysts give the company a high EPS estimate of $0.22. Comparatively, EPS for the current quarter was -$0.23 a year ago. Earnings per share for the fiscal year are expected to increase by 107.21%, and 470.71% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Immunogen, Inc. (IMGN) as a “Moderate Buy” at a consensus score of 2.43. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 10 of the 14 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. Guggenheim stated their Neutral rating for the stock in a research note on December 01, 2023, with the firm’s price target at $25-$31.
