why ImmunoGen Inc. [IMGN] is a Good Choice for Investors After New Price Target of $12.00

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ImmunoGen Inc. [NASDAQ: IMGN] gained 10.05% or 0.37 points to close at $4.05 with a heavy trading volume of 4794643 shares. The company report on June 1, 2022 that ImmunoGen Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4).


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ImmunoGen, Inc. (Nasdaq: IMGN), a leader in the expanding field of antibody-drug conjugates (ADCs) for the treatment of cancer, today announced that on May 31, 2022, the compensation committee of the Company’s Board of Directors approved grants of non-qualified stock option awards to purchase an aggregate of 365,920 shares of its common stock to fourteen new employees under the ImmunoGen, Inc. Inducement Equity Incentive Plan, as amended (the “Inducement Plan”). The stock options were granted as an inducement material to the new employees’ becoming employees of ImmunoGen in accordance with Nasdaq Listing Rule 5635(c)(4).

The Inducement Plan is used exclusively for the grant of equity awards to individuals who were not previously employees of ImmunoGen (or following a bona fide period of non-employment), as an inducement material to such individual’s entering into employment with ImmunoGen, pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules.

It opened the trading session at $3.64, the shares rose to $4.09 and dropped to $3.60, the range by which the price of stock traded the whole day. The daily chart for IMGN points out that the company has recorded -39.46% loss over the past six months. However, it is still -20.54% lower than its most recent low trading price.

If we look at the average trading volume of 4.18M shares, IMGN reached to a volume of 4794643 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 $12.00 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 1.90. 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.

RBC Capital Mkts have made an estimate for ImmunoGen Inc. shares, keeping their opinion on the stock as Sector Perform, with their previous recommendation back on March 21, 2022. While these analysts kept the previous recommendation, BMO Capital Markets raised their target price to Outperform. The new note on the price target was released on February 11, 2022, representing the official price target for ImmunoGen Inc. stock. Previously, the target price had yet another raise from $7 to $12, while Jefferies kept a Buy rating on IMGN stock.

The Average True Range (ATR) for ImmunoGen Inc. is set at 0.31, with the Price to Sales ratio for IMGN stock in the period of the last 12 months amounting to 9.35. The Price to Book ratio for the last quarter was 3.35, with the Price to Cash per share for the same quarter was set at 2.06.

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 10.66. With this latest performance, IMGN shares dropped by -12.53% in over the last four-week period, additionally sinking by -39.46% over the last 6 months – not to mention a drop of -35.41% 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 51.62, with the RSI for the last a single of trading hit 60.09, and the three-weeks RSI is set at 47.77 for ImmunoGen Inc. [IMGN]. The present Moving Average for the last 50 days of trading for this stock 4.51, while it was recorded at 3.73 for the last single week of trading, and 5.56 for the last 200 days.

ImmunoGen Inc. [IMGN]: A deeper dive into fundamental analysis

ImmunoGen Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 5.40 and a Current Ratio set at 5.40.

An analysis of insider ownership at ImmunoGen Inc. [IMGN]

There are presently around $716 million, or 89.10% of IMGN stock, in the hands of institutional investors. The top three institutional holders of IMGN stocks are: RA CAPITAL MANAGEMENT, L.P. with ownership of 21,741,458, which is approximately 7.411% of the company’s market cap and around 0.10% of the total institutional ownership; BLACKROCK INC., holding 16,432,933 shares of the stock with an approximate value of $60.47 million in IMGN stocks shares; and VANGUARD GROUP INC, currently with $56.96 million in IMGN stock with ownership of nearly 2.292% of the company’s market capitalization.

106 institutional holders increased their position in ImmunoGen Inc. [NASDAQ:IMGN] by around 29,971,881 shares. Additionally, 107 investors decreased positions by around 23,361,450 shares, while 51 investors held positions by with 141,159,881 shares. The mentioned changes placed institutional holdings at 194,493,212 shares, according to the latest SEC report filing. IMGN stock had 29 new institutional investments in for a total of 10,072,235 shares, while 42 institutional investors sold positions of 12,900,911 shares during the same period.

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