As published in their initiating research note from Truist on November 21, 2022, ImmunoGen Inc. [IMGN] has been a Buy and the price target has been revised to $10. This represents a 60.3% premium over Thursday’s closing price. Analysts at Barclays started covering the stock with ‘”an Overweight”‘ outlook in a report released in early September. As of March 21, 2022, RBC Capital Mkts has decreased its “an Outperform” rating to a “Sector perform” for IMGN. Earlier on February 11, 2022, BMO Capital Markets initiated its rating. Their recommendation was “an Outperform” for IMGN stock.
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Analyzing IMGN Stock Performance
On Thursday, ImmunoGen Inc. [NASDAQ: IMGN] rose 0.51% to $3.97. The stock’s lowest price that day was $3.85, but it reached a high of $4.005 in the same session. During the last five days, there has been a drop of approximately -5.48%. Over the course of the year, ImmunoGen Inc. shares have dropped approximately -19.96%. Shares of the company reached a 52-week high of $5.04 on 01/03/23 and a 52-week low of $3.80 on 02/21/23. A 50-day SMA is recorded $4.60, while a 200-day SMA reached $4.90. Nevertheless, trading volume fell to 3.8 million shares from 3.11 million shares the previous day.
Support And Resistance Levels for ImmunoGen Inc. (IMGN)
According to the 24-hour chart, there is a support level at 3.88, which, if violated, would cause prices to drop to 3.79. In the upper region, resistance lies at 4.03. The next price resistance is at 4.10. RSI (Relative Strength Index) is 36.21 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.35, which suggests the price will decrease in the coming days. Percent R is at 84.55%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is ImmunoGen Inc. subject to short interest?
Stocks of ImmunoGen Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -0.25 million shares to 17.78 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 18.03 million shares. A decline of -1.41% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.49 of the overall float, the days-to-cover ratio (short ratio) decline to 5.49.
Which companies own the most shares of ImmunoGen Inc. (IMGN)?
According to RA Capital Management LP filings, the company currently owns 21,853,958 shares, which is about 9.90% of the total IMGN shares outstanding. The investor’s shares have appreciated by 112,500 from its previous 13-F filing of 21741458.0 shares. With the completion of the buy transaction, SSgA Funds Management, Inc.’s stake is now worth $80,537,320. BlackRock Fund Advisors acquire a 1.04% interest valued at $69.53 million while The Vanguard Group, Inc. sold a -1,246,648 stake. A total of 3,219,000 shares of ImmunoGen Inc. were sold by Adage Capital Management LP during the quarter, and -780,797 were sold by Wellington Management Co. LLP. In its current portfolio, Jennison Associates LLC holds 9,140,359 shares valued at $42.05 million.
In terms of ImmunoGen Inc. share price expectations, FactSet research, analysts set an average price target of $12.10 in the next 12 months, up nearly 178.48% from the previous closing price of $3.95. Analysts anticipate ImmunoGen Inc. stock to reach $22.00 by 2023, with the lowest price target being $4.00. In spite of this, 12 analysts ranked ImmunoGen Inc. stock as an Overweight at the end of 2023. On December 01, 2021, Jefferies assigned a price target of “a Buy” to the stock and upgraded coverage with a $12.