Analysts Anticipate ImmunoGen, Inc. (NASDAQ:IMGN) Will Post Quarterly Sales of $14.29 Million

Equities research analysts predict that ImmunoGen, Inc. (NASDAQ:IMGN) will announce sales of $14.29 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for ImmunoGen’s earnings. The lowest sales estimate is $9.20 million and the highest is $16.25 million. ImmunoGen reported sales of $15.54 million during the same quarter last year, which indicates a negative year over year growth rate of 8%. The business is scheduled to issue its next earnings report on Friday, August 7th.

According to Zacks, analysts expect that ImmunoGen will report full year sales of $61.95 million for the current financial year, with estimates ranging from $60.80 million to $63.65 million. For the next fiscal year, analysts anticipate that the business will report sales of $49.99 million, with estimates ranging from $15.50 million to $77.36 million. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow ImmunoGen.

ImmunoGen (NASDAQ:IMGN) last issued its quarterly earnings data on Friday, May 1st. The biotechnology company reported ($0.17) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.02). The company had revenue of $13.29 million for the quarter, compared to analysts’ expectations of $14.53 million.

A number of research firms have commented on IMGN. Canaccord Genuity restated a “buy” rating and set a $12.00 price target on shares of ImmunoGen in a research report on Thursday, May 14th. ValuEngine upgraded shares of ImmunoGen from a “sell” rating to a “hold” rating in a research report on Thursday, April 2nd. HC Wainwright restated a “buy” rating and set a $9.00 price target on shares of ImmunoGen in a research report on Monday, June 1st. Zacks Investment Research upgraded shares of ImmunoGen from a “hold” rating to a “buy” rating and set a $3.75 price target on the stock in a research report on Wednesday, March 25th. Finally, BidaskClub upgraded shares of ImmunoGen from a “sell” rating to a “hold” rating in a research report on Tuesday, May 19th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. ImmunoGen presently has an average rating of “Buy” and an average target price of $8.25.

NASDAQ:IMGN traded down $0.30 during mid-day trading on Monday, hitting $4.30. The stock had a trading volume of 2,805,657 shares, compared to its average volume of 2,324,440. ImmunoGen has a 52 week low of $1.81 and a 52 week high of $7.07. The stock has a market capitalization of $749.96 million, a price-to-earnings ratio of -7.41 and a beta of 2.31. The company has a 50 day simple moving average of $4.57 and a 200-day simple moving average of $4.36.

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp increased its position in shares of ImmunoGen by 7.1% in the first quarter. State Street Corp now owns 5,725,865 shares of the biotechnology company’s stock worth $19,525,000 after acquiring an additional 379,439 shares in the last quarter. AXA increased its position in shares of ImmunoGen by 121.6% in the first quarter. AXA now owns 158,700 shares of the biotechnology company’s stock worth $541,000 after acquiring an additional 87,100 shares in the last quarter. Public Employees Retirement Association of Colorado increased its position in shares of ImmunoGen by 78.4% in the first quarter. Public Employees Retirement Association of Colorado now owns 34,937 shares of the biotechnology company’s stock worth $119,000 after acquiring an additional 15,352 shares in the last quarter. FDx Advisors Inc. purchased a new position in shares of ImmunoGen in the first quarter worth approximately $1,884,000. Finally, Redmile Group LLC increased its position in shares of ImmunoGen by 14.3% in the first quarter. Redmile Group LLC now owns 16,733,879 shares of the biotechnology company’s stock worth $57,063,000 after acquiring an additional 2,093,919 shares in the last quarter. 78.80% of the stock is currently owned by institutional investors.

About ImmunoGen

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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Earnings History and Estimates for ImmunoGen (NASDAQ:IMGN)

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