Signition LP Takes Position in ImmunoGen, Inc. (IMGN)

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Signition LP acquired a new stake in ImmunoGen, Inc. (NASDAQ:IMGN) during the third quarter, Holdings Channel reports. The institutional investor acquired 12,115 shares of the biotechnology company’s stock, valued at approximately $115,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Public Employees Retirement Association of Colorado purchased a new position in shares of ImmunoGen in the third quarter valued at about $185,000. Assenagon Asset Management S.A. purchased a new position in shares of ImmunoGen in the third quarter valued at about $579,000. Alps Advisors Inc. increased its position in shares of ImmunoGen by 36.6% in the third quarter. Alps Advisors Inc. now owns 263,711 shares of the biotechnology company’s stock valued at $2,497,000 after acquiring an additional 70,640 shares during the period. Essex Investment Management Co. LLC purchased a new position in shares of ImmunoGen in the third quarter valued at about $584,000. Finally, United Services Automobile Association increased its position in shares of ImmunoGen by 39.1% in the second quarter. United Services Automobile Association now owns 22,945 shares of the biotechnology company’s stock valued at $223,000 after acquiring an additional 6,455 shares during the period. Hedge funds and other institutional investors own 83.71% of the company’s stock.

A number of equities analysts have issued reports on the stock. ValuEngine upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating in a research report on Wednesday, October 17th. BidaskClub upgraded shares of ImmunoGen from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 14th. William Blair restated an “outperform” rating on shares of ImmunoGen in a research report on Monday, October 22nd. Zacks Investment Research cut shares of ImmunoGen from a “hold” rating to a “sell” rating in a research report on Thursday, August 2nd. Finally, HC Wainwright set a $18.00 price objective on shares of ImmunoGen and gave the company a “buy” rating in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $14.75.

Shares of IMGN opened at $5.51 on Wednesday. The stock has a market cap of $844.95 million, a PE ratio of -7.35 and a beta of 2.49. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.73 and a current ratio of 5.76. ImmunoGen, Inc. has a 1-year low of $5.24 and a 1-year high of $13.41.

ImmunoGen (NASDAQ:IMGN) last announced its earnings results on Friday, November 2nd. The biotechnology company reported ($0.32) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.01. The firm had revenue of $10.90 million for the quarter, compared to analyst estimates of $13.60 million. ImmunoGen had a negative net margin of 176.35% and a negative return on equity of 1,182.18%. The company’s revenue for the quarter was up 28.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.61) EPS. Research analysts expect that ImmunoGen, Inc. will post -1.28 EPS for the current year.

In other news, VP Anna Berkenblit sold 5,851 shares of ImmunoGen stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $9.46, for a total transaction of $55,350.46. Following the sale, the vice president now owns 138,620 shares of the company’s stock, valued at approximately $1,311,345.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.44% of the company’s stock.

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ImmunoGen Profile

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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Institutional Ownership by Quarter for ImmunoGen (NASDAQ:IMGN)

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