Canaccord Genuity Keeps a Buy Rating on ImmunoGen

By Jason Carr

Canaccord Genuity analyst John Newman reiterated a Buy rating on ImmunoGen (NASDAQ: IMGN) yesterday and set a price target of $10. The company’s shares closed yesterday at $8.47, close to its 52-week high of $8.79.

According to TipRanks.com, Newman is a 3-star analyst with an average return of 0.9% and a 40.5% success rate. Newman covers the Healthcare sector, focusing on stocks such as Advanced Accelerator Applications, Hutchison China MediTech Ltd, and Synergy Pharmaceuticals Inc.

Currently, the analyst consensus on ImmunoGen is Moderate Buy and the average price target is $12.25, representing a 44.6% upside.

In a report issued on August 29, Leerink Swann also reiterated a Buy rating on the stock with a $18 price target.

Based on ImmunoGen’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $39.02 million and GAAP net loss of $8.87 million. In comparison, last year the company earned revenue of $7.41 million and had a GAAP net loss of $45.92 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.