Investors Buy Large Volume of Put Options on ImmunoGen (IMGN)

ImmunoGen, Inc. (NASDAQ:IMGN) saw unusually large options trading on Tuesday. Stock traders acquired 634 put options on the company. This represents an increase of approximately 1,119% compared to the average daily volume of 52 put options.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership bought a new stake in ImmunoGen in the second quarter valued at about $102,000. Intl Fcstone Inc. bought a new stake in ImmunoGen in the second quarter valued at about $115,000. Raymond James Financial Services Advisors Inc. bought a new stake in ImmunoGen in the second quarter valued at about $126,000. Virginia Retirement Systems ET AL bought a new stake in ImmunoGen in the third quarter valued at about $136,000. Finally, Cubist Systematic Strategies LLC bought a new stake in ImmunoGen in the third quarter valued at about $143,000. Institutional investors and hedge funds own 68.02% of the company’s stock.

Shares of ImmunoGen (IMGN) opened at $8.03 on Friday. The firm has a market capitalization of $1,250.00, a price-to-earnings ratio of -6.18 and a beta of 2.20. ImmunoGen has a 52-week low of $2.20 and a 52-week high of $8.84. The company has a debt-to-equity ratio of -0.03, a quick ratio of 2.78 and a current ratio of 2.81.

ImmunoGen (NASDAQ:IMGN) last released its quarterly earnings data on Friday, November 3rd. The biotechnology company reported ($0.61) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.42). The company had revenue of $8.50 million during the quarter, compared to analyst estimates of $26.09 million. The company’s revenue was up 10.4% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.51) EPS. research analysts forecast that ImmunoGen will post -0.97 EPS for the current year.

A number of equities research analysts have recently weighed in on IMGN shares. BidaskClub upgraded ImmunoGen from a “hold” rating to a “buy” rating in a research report on Thursday. Cantor Fitzgerald restated a “hold” rating and set a $5.00 target price on shares of ImmunoGen in a research report on Friday, November 3rd. Jefferies Group restated a “buy” rating and set a $9.00 target price on shares of ImmunoGen in a research report on Thursday, October 12th. Finally, Zacks Investment Research upgraded ImmunoGen from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research report on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. ImmunoGen currently has a consensus rating of “Hold” and an average target price of $7.83.

TRADEMARK VIOLATION NOTICE: “Investors Buy Large Volume of Put Options on ImmunoGen (IMGN)” was first published by Week Herald and is owned by of Week Herald. If you are reading this news story on another website, it was stolen and reposted in violation of U.S. and international trademark and copyright law. The legal version of this news story can be read at https://weekherald.com/2018/01/21/investors-buy-large-volume-of-put-options-on-immunogen-imgn.html.

About ImmunoGen

ImmunoGen, Inc is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. An ADC with the Company’s technology comprises an antibody that binds to a target found on tumor cells conjugated to one of its anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target.

Receive News & Ratings for ImmunoGen Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for ImmunoGen and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply