Clearline Capital LP Takes $1.53 Million Position in ImmunoGen, Inc. (NASDAQ:IMGN)

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Clearline Capital LP acquired a new stake in ImmunoGen, Inc. (NASDAQ:IMGN) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 703,855 shares of the biotechnology company’s stock, valued at approximately $1,527,000.

Several other hedge funds and other institutional investors have also bought and sold shares of IMGN. BNP Paribas Arbitrage SA raised its holdings in shares of ImmunoGen by 78,500.0% in the first quarter. BNP Paribas Arbitrage SA now owns 29,868 shares of the biotechnology company’s stock valued at $81,000 after purchasing an additional 29,830 shares during the last quarter. Raymond James & Associates raised its holdings in shares of ImmunoGen by 4.0% in the first quarter. Raymond James & Associates now owns 619,323 shares of the biotechnology company’s stock valued at $1,678,000 after purchasing an additional 23,774 shares during the last quarter. Spark Investment Management LLC acquired a new stake in shares of ImmunoGen in the first quarter valued at approximately $93,000. Pinnacle Associates Ltd. raised its holdings in shares of ImmunoGen by 76.9% in the first quarter. Pinnacle Associates Ltd. now owns 1,607,596 shares of the biotechnology company’s stock valued at $4,357,000 after purchasing an additional 698,820 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of ImmunoGen by 22.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 55,100 shares of the biotechnology company’s stock valued at $562,000 after purchasing an additional 10,000 shares during the last quarter. Institutional investors own 68.07% of the company’s stock.

IMGN has been the topic of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $5.00 price objective (up from $4.00) on shares of ImmunoGen in a report on Tuesday, August 13th. ValuEngine upgraded shares of ImmunoGen from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. BidaskClub upgraded shares of ImmunoGen from a “strong sell” rating to a “sell” rating in a report on Saturday, July 6th. Finally, Cowen reiterated a “buy” rating on shares of ImmunoGen in a report on Thursday, June 27th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. ImmunoGen currently has an average rating of “Hold” and an average target price of $3.28.

IMGN traded down $0.02 during trading on Thursday, reaching $3.13. 30,496 shares of the stock were exchanged, compared to its average volume of 1,208,838. The stock has a market cap of $508.11 million, a P/E ratio of -2.65 and a beta of 2.19. ImmunoGen, Inc. has a twelve month low of $1.76 and a twelve month high of $9.84. The stock’s 50 day moving average price is $2.75 and its two-hundred day moving average price is $2.49. The company has a debt-to-equity ratio of 0.19, a quick ratio of 3.48 and a current ratio of 3.48.

ImmunoGen (NASDAQ:IMGN) last issued its earnings results on Friday, August 2nd. The biotechnology company reported ($0.29) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.32) by $0.03. The business had revenue of $15.54 million for the quarter, compared to the consensus estimate of $10.33 million. ImmunoGen had a negative net margin of 357.97% and a negative return on equity of 573.13%. Equities research analysts predict that ImmunoGen, Inc. will post -0.96 earnings per share for the current fiscal year.

ImmunoGen Profile

ImmunoGen, Inc, a clinical-stage biotechnology company, develops 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.

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Institutional Ownership by Quarter for ImmunoGen (NASDAQ:IMGN)

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