The stock of ImmunoGen, Inc. (NASDAQ:IMGN) is now priced at $3.74 and the shares are -0.02 points down or -0.53% lower compared to its previous closing price of $3.76. The stock had 1.71 million contracts set over the past session. IMGN shares’ daily volume is compared to its average trading volume at 2.181 million shares. However, it has a float of 173 million and although its performance was -1.19% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the IMGN share price recently placing at $3.58 to $3.76. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are running away from the ImmunoGen, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the IMGN shares have declined. Short interest in the stock represents just 10.17% of its float, but the volume has dropped by -124041. The volume of shorted shares dropped to 17.648 million from 17.772 million shares over the last two weeks. The average intraday trading volume has been 1.635 million shares, which means that days to cover moved to roughly 10.79449.
In the last trading session, ImmunoGen, Inc. (NASDAQ:IMGN) dropped by -$0.05 over the week and lost -$0.37 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $7.07. The stock recorded its established 52-week high on 02/14/20.
Since 03/19/20, the stock has traded to a low of $1.95 at 91.79%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.17. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, ImmunoGen, Inc.’s two-week RSI is 41.47. This suggests that the stock is neutral at the moment and that IMGN shares’ price movement remains stable. The stochastic readings are equally revealing at 43.77% meaning the IMGN share price is currently in neutral territory.
The technical chart shows that the IMGN stock will likely settle at between $3.81 and $3.87 per share. However, if the stock dips below $3.63, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.51.
Currently, the stock is trading in the green of MACD, with a reading of 0.03. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at H.C. Wainwright though raised target price of IMGN stock from $5 to $9 but maintained Buy recommendation in their December 17 review. H.C. Wainwright analysts see the stock as a Buy, but they also raised the share’s target price from $4 to $5 in a flash note released to investors on August 13. Guggenheim seeing the stock struggling downgraded it from Buy to Neutral on May 15.
The average rating for the IMGN equity is 2.22 and is currently gathering a bullish momentum. Of 9 analysts tracking ImmunoGen, Inc. polled by Reuters, 4 rated IMGN as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for ImmunoGen, Inc. (NASDAQ:IMGN) will decrease by about -99.9%, which will see them reach $15.29 million. The company’s full-year revenues are, however, expected to diminish by about -23.61%, down from $82.27 million to $62.85 million. IMGN’s expected adjusted earnings should surge almost 20% to end up at -$0.18 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -1.43% to record -$0.69/share.