ImmunoGen Sees Unusually Large Options Volume (NASDAQ:IMGN)

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ImmunoGen, Inc. (NASDAQ:IMGN) was the target of some unusual options trading on Thursday. Investors purchased 2,760 call options on the stock. This represents an increase of approximately 1,704% compared to the typical volume of 153 call options.

Several equities analysts have recently issued reports on the company. BidaskClub cut ImmunoGen from a “hold” rating to a “sell” rating in a research note on Friday, July 27th. Zacks Investment Research upgraded ImmunoGen from a “sell” rating to a “hold” rating in a research note on Monday, August 27th. HC Wainwright restated a “buy” rating and set a $18.00 target price on shares of ImmunoGen in a research note on Monday, July 30th. ValuEngine lowered ImmunoGen from a “buy” rating to a “hold” rating in a research report on Saturday, October 6th. Finally, Cowen reaffirmed a “hold” rating on shares of ImmunoGen in a research report on Friday, July 27th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. ImmunoGen has a consensus rating of “Buy” and a consensus price target of $13.10.

In other news, VP Anna Berkenblit sold 5,851 shares of ImmunoGen stock in a transaction dated Monday, September 10th. The stock was sold at an average price of $9.46, for a total value of $55,350.46. Following the completion of the transaction, the vice president now owns 138,620 shares in the company, valued at approximately $1,311,345.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.44% of the company’s stock.

A number of hedge funds have recently made changes to their positions in IMGN. Redmile Group LLC grew its holdings in ImmunoGen by 26.9% during the second quarter. Redmile Group LLC now owns 12,315,942 shares of the biotechnology company’s stock worth $119,834,000 after acquiring an additional 2,613,460 shares during the period. FMR LLC grew its holdings in ImmunoGen by 34.0% during the second quarter. FMR LLC now owns 8,704,234 shares of the biotechnology company’s stock worth $84,692,000 after acquiring an additional 2,208,796 shares during the period. BlackRock Inc. grew its holdings in ImmunoGen by 24.9% during the second quarter. BlackRock Inc. now owns 10,436,350 shares of the biotechnology company’s stock worth $101,546,000 after acquiring an additional 2,079,732 shares during the period. Point72 Asset Management L.P. acquired a new position in ImmunoGen during the second quarter worth $20,004,000. Finally, Voya Investment Management LLC grew its holdings in ImmunoGen by 4,117.8% during the second quarter. Voya Investment Management LLC now owns 1,849,256 shares of the biotechnology company’s stock worth $17,993,000 after acquiring an additional 1,805,412 shares during the period. 83.76% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:IMGN traded down $0.30 during trading on Friday, reaching $7.38. The company had a trading volume of 2,715,750 shares, compared to its average volume of 2,630,149. The firm has a market cap of $1.41 billion, a P/E ratio of -9.84 and a beta of 1.96. The company has a current ratio of 5.76, a quick ratio of 5.73 and a debt-to-equity ratio of 0.02. ImmunoGen has a fifty-two week low of $4.80 and a fifty-two week high of $13.41.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Friday, July 27th. The biotechnology company reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.02). The firm had revenue of $9.29 million during the quarter, compared to analyst estimates of $14.12 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. The company’s revenue for the quarter was down 76.2% on a year-over-year basis. Research analysts forecast that ImmunoGen will post -1.19 EPS for the current fiscal year.

About ImmunoGen

ImmunoGen, Inc, a clinical-stage biotechnology company, focuses on developing antibody-drug conjugate (ADC) therapies to treat cancer. Its product candidates include mirvetuximab soravtansine, an ADC targeting folate-receptor alpha, which is in Phase III clinical trial for the treatment of platinum-resistant ovarian cancer; IMGN779 that is in Phase I clinical trial for the treatment of acute myeloid leukemia (AML); and IMGN632, a CD123-targeting ADC that is in Phase I clinical trial for treating AML and blastic plasmacytoid dendritic cell neoplasm, as well as coltuximab ravtansine, a CD19-targeting ADC, which is in Phase II trial for DLBCL.

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