Jefferies Maintains ImmunoGen to Buy with Price Target $6.00

Brokerage firm Jefferies Maintains its rating on ImmunoGen(NASDAQ:IMGN). In a research note issued to the investors, the brokerage major Lowers the price-target to $6.00 per share. The shares have been rated Buy. The rating by Jefferies was issued on Aug 5, 2016.

ImmunoGen (IMGN) made into the market gainers list on Wednesdays trading session with the shares advancing 1.31% or 0.04 points. Due to strong positive momentum, the stock ended at $3.1, which is also near the day’s high of $3.16. The stock began the session at $3.05 and the volume stood at 16,97,833 shares. The 52-week high of the shares is $16.59 and the 52 week low is $2.53. The company has a current market capitalization of $270 M and it has 8,70,76,978 shares in outstanding.

ImmunoGen(IMGN) last announced its earnings results on Aug 4, 2016 for Fiscal Year 2016 and Q4.Company reported revenue of $7.41M. Analysts had an estimated revenue of $17.11M. Earnings per share were $-0.51. Analysts had estimated an EPS of $-0.39.

Several Insider Transactions has been reported to the SEC. On Feb 1, 2016, John Lambert (Executive Vice President) sold 3,889 shares at $8.22 per share price.Also, On Jan 11, 2016, Richard J. Gregory (Executive VP & CSO) sold 2,369 shares at $11.10 per share price.On Jan 4, 2016, Daniel M Junius (Chief Executive Officer) sold 5,416 shares at $13.17 per share price, according to the Form-4 filing with the securities and exchange commission.

ImmunoGen Inc. (ImmunoGen) is a clinical-stage biotechnology company focused on the development of targeted anticancer therapeutics. The Company’s clinical and preclinical product candidates are antibody-drug conjugates (ADCs) which is a type of medicine that uses a monoclonal antibody to deliver a therapeutic agent to targeted cells. The Company has three clinical-stage anticancer compounds: mirvetuximab soravtansine (IMGN853) coltuximab ravtansine IMGN529 and IMGN779. The Company’s partners are Amgen Inc. Bayer HealthCare (a subgroup of Bayer AG) Biotest AG Eli Lilly and Company (Lilly) Novartis Institutes for BioMedical Research Inc. (Novartis) the Roche Group Sanofi and Takeda. The Company’s collaborative partner compounds include Kadcyla Indatuximab ravtansine Isatuximab Anetumumab ravtansine AMG 595 AMG 172 SAR566658 SAR408701 LOP628 and PCA062. All of the Company’s compounds are ADCs with the exception of isatuximab which is a therapeutic antibody.

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