Jefferies Sticks to Its Buy Rating for ImmunoGen

By Carrie Williams

Jefferies analyst Biren Amin reiterated a Buy rating on ImmunoGen (NASDAQ: IMGN) yesterday and set a price target of $6. The company’s shares closed yesterday at $4.73.

According to TipRanks.com, Amin is a 3-star analyst with an average return of 2.4% and a 49.1% success rate. Amin covers the Healthcare sector, focusing on stocks such as Stemline Therapeutics Inc, Lion Biotechnologies Inc, and Bellicum Pharmaceuticals.

Currently, the analyst consensus on ImmunoGen is Moderate Buy and the average price target is $6, representing a 26.8% upside.

In a report issued on May 5, Canaccord Genuity also reiterated a Buy rating on the stock with a $6 price target.

Based on ImmunoGen’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $13.85 million and GAAP net loss of $34.15 million. In comparison, last year the company earned revenue of $19.71 million and had a GAAP net loss of $31.93 million.

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ImmunoGen, Inc. is a biotechnology company, which develops novel anticancer therapeutics using its antibody-drug conjugate technology. Its product candidates include Mirvetuximab Soravtansine, Coltuximab ravtansine and Kadcyla . The company was founded in March 1981 and is headquartered in Waltham, MA.