Trade Report: The ImmunoGen Inc. (IMGN) Short Interest Update

The ImmunoGen Inc. (IMGN) Short Interest Update

ImmunoGen Inc. (NASDAQ:IMGN) saw a significant decline in short interest during the month of September. As of September 30th, there was short interest totalling 13,775,735 shares, a decline of 11.9% from the September 15th total of 15,641,141 shares. Currently, 15.9% of the shares of the company are sold short. Based on an average daily trading volume, of 1,324,498 shares, the short-interest ratio is presently 10.4 days.

Shares of ImmunoGen (NASDAQ:IMGN) opened at 2.41 on Friday. ImmunoGen has a 52 week low of $2.41 and a 52 week high of $14.22. The firm’s market cap is $210.46 million. The firm has a 50-day moving average of $2.74 and a 200-day moving average of $4.56.

ImmunoGen (NASDAQ:IMGN) last released its earnings results on Thursday, August 4th. The biotechnology company reported ($0.51) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.39) by $0.12. The company had revenue of $7.41 million for the quarter, compared to the consensus estimate of $17.11 million. During the same quarter in the previous year, the firm earned ($0.35) EPS. The firm’s revenue for the quarter was down 41.2% compared to the same quarter last year. On average, analysts expect that ImmunoGen will post ($1.59) EPS for the current year.

IMGN has been the topic of several recent analyst reports. Zacks Investment Research cut ImmunoGen from a “hold” rating to a “sell” rating in a report on Wednesday, October 5th. JPMorgan Chase & Co. set a $5.00 target price on ImmunoGen and gave the stock a “hold” rating in a report on Friday, August 5th. Finally, Jefferies Group reissued a “buy” rating and set a $6.00 target price (down previously from $13.00) on shares of ImmunoGen in a report on Friday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $10.99.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IMGN. Macquarie Group Ltd. increased its position in ImmunoGen by 93.8% in the second quarter. Macquarie Group Ltd. now owns 930,000 shares of the biotechnology company’s stock worth $2,864,000 after buying an additional 450,000 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in ImmunoGen by 2.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 300,956 shares of the biotechnology company’s stock worth $927,000 after buying an additional 5,874 shares during the last quarter. Lumbard & Kellner LLC increased its position in ImmunoGen by 108.9% in the second quarter. Lumbard & Kellner LLC now owns 351,565 shares of the biotechnology company’s stock worth $1,083,000 after buying an additional 183,250 shares during the last quarter. Numeric Investors LLC bought a new position in ImmunoGen during the second quarter worth about $667,000. Finally, Panagora Asset Management Inc. increased its position in ImmunoGen by 2,344.6% in the second quarter. Panagora Asset Management Inc. now owns 238,155 shares of the biotechnology company’s stock worth $734,000 after buying an additional 228,413 shares during the last quarter. Institutional investors own 91.63% of the company’s stock.

ImmunoGen Company Profile

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