Bank of Montreal significantly increased its ownership in ImmunoGen, Inc. (IMGN:NSD) during the fourth quarter, as reported in the company’s latest disclosure with the Securities and Exchange Commission (SEC). The financial institution’s stake in the biotechnology firm surged by 483.0%, with the acquisition of an additional 76,110 shares. Bank of Montreal Can’s total holdings in ImmunoGen amounted to 91,869 IMGN stock shares, valued at $460,000, based on its most recent SEC filing.
Hedge Funds & Institutional Holdings:
Other institutional investors and hedge funds have also made changes to their holdings in ImmunoGen. CM Management LLC, for instance, raised its position by 5.3% in the third quarter, owning 500,000 shares worth $2.39 million after purchasing an additional 25,000 shares.
Fisher Asset Management LLC also lifted its position by 53.4% during the same quarter, holding 584,775 shares worth $2.79 million, with the purchase of an additional 203,569 shares.
Meanwhile, Putnam Investments LLC raised its position by 390.1% during the third quarter, owning 1,031,092 shares valued at $4.93 million, with the acquisition of an additional 820,722 shares.
Furthermore, Quantbot Technologies LP acquired a new position in ImmunoGen worth about $213,000, while Jennison Associates LLC purchased a new position worth approximately $29.62 million. Institutional investors and hedge funds now hold 89.13% of the IMGN stock.
IMGN Stock-Analyst Ratings:
In recent news, several equity analysts have commented on IMGN shares. JPMorgan Chase & Co. upgraded ImmunoGen from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, January 23rd.
HC Wainwright reaffirmed a “buy” rating and issued a $15.00 price target on shares of ImmunoGen in a report on Thursday, March 2nd.
IMGN Stock Price Analysis:
On Wednesday, ImmunoGen stock opened at $5.20. The company has a 50-day moving average price of $4.08 and a 200-day moving average price of $4.69. It has a market capitalization of $1.18 billion, a price-to-earnings ratio of -5.91, and a beta of 0.93. ImmunoGen, Inc. has a 12-month low of $3.10 and a 12-month high of $6.63.
Based on Stock Target Advisor’s analysis, IMGN stock has a consensus rating of “Strong Buy” and an average price target of $14.56.
Quarterly Earnings Preview:
ImmunoGen recently announced its quarterly earnings results on Friday, April 28th. The biotechnology company reported earnings per share of ($0.16) for the quarter, exceeding the consensus estimate of ($0.25) by $0.09. The company had a negative return on equity of 100.18% and a negative net margin of 204.93%.
ImmunoGen posted revenue of $49.90 million for the quarter, compared to analyst estimates of $21.63 million. In the same period last year, the company reported earnings per share of ($0.10). The company’s revenue increased by 31.0% year-over-year. On average, analysts expect that ImmunoGen, Inc. will post -0.81 earnings per share for the current fiscal year.
ImmunoGen, Inc., a commercial-stage biotechnology company, focuses on developing and commercializing the antibody-drug conjugates (ADCs) for cancer patients. ImmunoGen, Inc. was founded in 1980 and is headquartered in Waltham, Massachusetts.