Immunogen, Inc. (NASDAQ: IMGN) Stock Forecast: An Analysis

In the latest trading session, 1.17 million Immunogen, Inc. (NASDAQ:IMGN) shares changed hands as the company’s beta touched 0.82. With the company’s most recent per share price at $15.90 changed hands at -$0.21 or -1.33% at last look, the market valuation stands at $4.23B. IMGN’s current price is a discount, trading about -30.13% off its 52-week high of $20.69. The share price had its 52-week low at $3.61, which suggests the last value was 77.3% up since then. When we look at Immunogen, Inc.’s average trading volume, we note the 10-day average is 5.63 million shares, with the 3-month average coming to 4.70 million.

Analysts gave the Immunogen, Inc. (IMGN) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 1.41. If we narrow down to specifics, the data shows that 0 out of 17 analysts rate the stock as a Sell, with a further 1 assigning it an Overweight rating. Of the remaining, 3 recommended IMGN as a Hold, 13 felt it is a Buy and 0 rated the stock as Underweight. Immunogen, Inc.’s EPS for the current quarter is expected to be $0.12.

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Immunogen, Inc. (NASDAQ:IMGN) trade information

Instantly IMGN was in red as seen in intraday trades today. With action 7.84%, the performance over the past five days has been green. The drop to weekly highs of 16.42 on Friday, 11/17/23 subtracted -1.33% to the stock’s daily price. The company’s shares are showing year-to-date upside of 220.46%, with the 5-day performance at 7.84% in the green. However, in the 30-day time frame, Immunogen, Inc. (NASDAQ:IMGN) is 12.33% up. Looking at the short shares, we see there were 25.03 million shares sold at short interest cover period of 4.46 days.

The consensus price target for the stock as assigned by Wall Street analysts is $22.73, meaning bulls need an upside of 30.05% from its recent market value. According to analyst projections, IMGN’s forecast low is $14.00 with $28.00 as the target high. To hit the forecast high, the stock’s price needs a -76.1% plunge from its current level, while the stock would need to tank 11.95% for it to hit the projected low.

Immunogen, Inc. (IMGN) estimates and forecasts

Data shows that the Immunogen, Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 9.39% over the past 6 months, a 102.27% in annual growth rate that is considerably higher than the industry average of 11.30%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Immunogen, Inc. will rise 152.20%, while the growth in revenue is estimated to hit 143.80% for the next quarter. Year-over-year growth is forecast to reach 243.80% up from the last financial year.

Consensus estimates given by 13 financial analysts project the company’s revenue in the current quarter to hit an average of $127.51 million. 5 analysts are of the opinion that Immunogen, Inc.’s revenue for the quarter ending Mar 2024 will be $124.59 million. The company’s revenue for the corresponding quarters a year ago was $41.17 million and $49.87 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 209.70%. The estimates for the next quarter sales put growth at 149.80%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 2.15%. The 2023 estimates are for Immunogen, Inc. earnings to increase by 107.45%.

IMGN Dividends

Immunogen, Inc. is expected to release its next quarterly earnings report on November 02.

Immunogen, Inc. (NASDAQ:IMGN)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 0.30% of Immunogen, Inc. shares while 84.66% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 84.92%. There are 84.66% institutions holding the Immunogen, Inc. stock share, with Vanguard Group Inc the top institutional holder. As of Sep 29, 2023, the company held 9.19% of the shares, roughly 24.48 million IMGN shares worth $389.39 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 7.61% or 20.27 million shares worth $322.46 million as of Sep 29, 2023.

Among Mutual Funds, the top two as of Jun 29, 2023 were Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. With 8.08 million shares estimated at $128.49 million under it, the former controlled 3.03% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 2.05% of the shares, roughly 5.46 million shares worth around $86.81 million.

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