ImmunoGen Inc. [NASDAQ: IMGN] loss -3.11% or -0.15 points to close at $4.67 with a heavy trading volume of 2673106 shares. The company report on October 12, 2020 that ImmunoGen Raises $54.8 Million in Gross Proceeds Through its At-the-Market Facility.
ImmunoGen, Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that it has raised gross proceeds of approximately $54.8 million through its At-the-Market (“ATM”) facility pursuant to its Open Market Sale AgreementSM dated as of September 25, 2020 with Jefferies LLC, as sales agent (the “Sale Agreement”), with participation based on interest received from multiple institutional investors. On October 9, 2020, the Company sold approximately 12.7 million shares of the Company’s common stock at a per share purchase price of $4.33, the market price at the time of sale.
The additional funds raised through the ATM strengthen the Company’s balance sheet and will be used to fund the Company’s operations, including, but not limited to, clinical trial activities, supply of drug substance and drug product, pre-commercialization and commercialization activities, capital expenditures, and working capital.
It opened the trading session at $4.61, the shares rose to $4.81 and dropped to $4.49, the range by which the price of stock traded the whole day. The daily chart for IMGN points out that the company has recorded 26.05% gains over the past six months. However, it is still -139.49% lower than its most recent low trading price.
If we look at the average trading volume of 2.47M shares, IMGN reached to a volume of 2673106 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about ImmunoGen Inc. [IMGN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IMGN shares is $8.11 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IMGN stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Guggenheim have made an estimate for ImmunoGen Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 02, 2020. The new note on the price target was released on September 29, 2020, representing the official price target for ImmunoGen Inc. stock. Previously, the target price had yet another raise from $5 to $9, while H.C. Wainwright kept a Buy rating on IMGN stock. On August 13, 2019, analysts increased their price target for IMGN shares from 4 to 5.
The Average True Range (ATR) for ImmunoGen Inc. is set at 0.27, with the Price to Sales ratio for IMGN stock in the period of the last 12 months amounting to 9.78.
Trading performance analysis for IMGN stock
ImmunoGen Inc. [IMGN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.66. With this latest performance, IMGN shares gained by 20.67% in over the last four-week period, additionally plugging by 26.05% over the last 6 months – not to mention a rise of 107.56% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for IMGN stock in for the last two-week period is set at 66.54, with the RSI for the last a single of trading hit 70.43, and the three-weeks RSI is set at 62.22 for ImmunoGen Inc. [IMGN]. The present Moving Average for the last 50 days of trading for this stock 3.88, while it was recorded at 4.48 for the last single week of trading, and 4.23 for the last 200 days.
ImmunoGen Inc. [IMGN]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and ImmunoGen Inc. [IMGN] shares currently have an operating margin of -85.98. ImmunoGen Inc.’s Net Margin is presently recorded at -126.57.
Return on Total Capital for IMGN is now -60.07, given the latest momentum, and Return on Invested Capital for the company is -125.91. Additionally, IMGN Total Debt to Total Capital is recorded at 202.50, with Total Debt to Total Assets ending up at 63.92.
Reflecting on the efficiency of the workforce at the company, ImmunoGen Inc. [IMGN] managed to generate an average of -$1,388,440 per employee. Receivables Turnover for the company is 4.19 with a Total Asset Turnover recorded at a value of 0.31.ImmunoGen Inc.’s liquidity data is similarly interesting compelling, with a Current Ratio set at 2.70.
ImmunoGen Inc. [IMGN]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, ImmunoGen Inc. posted -0.15/share EPS, while the average EPS was predicted by analysts to be reported at -0.18/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 16.70%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for IMGN.
An analysis of insider ownership at ImmunoGen Inc. [IMGN]
There are presently around $671 million, or 71.30% of IMGN stock, in the hands of institutional investors. The top three institutional holders of IMGN stocks are: WELLINGTON MANAGEMENT GROUP LLP with ownership of 23,311,638, which is approximately 21.723% of the company’s market cap and around 0.40% of the total institutional ownership; VANGUARD GROUP INC, holding 14,904,994 shares of the stock with an approximate value of $69.61 million in IMGN stocks shares; and BLACKROCK INC., currently with $67.45 million in IMGN stock with ownership of nearly 6.03% of the company’s market capitalization.
Positions in ImmunoGen Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 97 institutional holders increased their position in ImmunoGen Inc. [NASDAQ:IMGN] by around 23,981,863 shares. Additionally, 78 investors decreased positions by around 18,288,784 shares, while 39 investors held positions by with 101,426,608 shares. The mentioned changes placed institutional holdings at 143,697,255 shares, according to the latest SEC report filing. IMGN stock had 28 new institutional investments in for a total of 2,173,627 shares, while 26 institutional investors sold positions of 7,749,405 shares during the same period.