Stock in Wall Street Spotlight: ImmunoGen, Inc. (NASDAQ: IMGN)

On 22 Nov 2019, ImmunoGen, Inc stock identified change of 90.34% away from 52-week low price and recently located move of -45.31% off 52-week high price. It has market worth of $520.62M. IMGN stock has been recorded 17.61% away from 50 day moving average and 20.39% away from 200 day moving average. Moving closer, we can see that shares have been trading 7.37% off 20-day moving average.

ImmunoGen, Inc., (IMGN) recently reviewed recent progress in the business and stated financial results for the quarter ended September 30, 2019.

FINANCIAL RESULTS
Revenues for the quarter ended September 30, 2019 were $13.3M, contrast with $10.9M for the quarter ended September 30, 2018. Revenues in the third quarter of 2019 included $13.2M in non-cash royalty revenues, contrast with $8.4M for the third quarter of 2018. Revenues for the previous year period also included $0.7M of license and milestone fees, inclusive of a $0.5M milestone pursuant to a license contract with Fusion Pharmaceuticals, $0.4M of research and development (R&D) support fees, and $1.4M of clinical materials revenue, contrast with $0.1M of similar fees earned in the current period.

Operating expenses for the third quarter of 2019 were $31.2M, contrast with $56.5M for the same quarter in 2018. The decrease was driven by R&D expenses, which were $21.0M in the third quarter of 2019 contrast with $47.2M for the third quarter of 2018. This decrease was primarily Because of: lower expenses resulting from the restructuring of the business at the end of the second quarter of 2019, including decreases in personnel and third-party research expenses and lower facility-related allocations; a decrease in clinical trial expenses in the current period driven by greater activity in the FORWARD I Phase 3 clinical trial during the previous year period; and lower external manufacturing costs driven by activity to support commercial validation of mirvetuximab in the previous year period. General and administrative expenses in the third quarter of 2019 were $9.2M, contrast to $8.3M in the third quarter of 2018, primarily Because of a higher allocation of facility-related expenses for excess laboratory and office space resulting from the recent restructuring. Operating expenses for the third quarter of 2019 also included a $1.0M charge related primarily to retention costs resulting from the restructuring, contrast to a $0.9M charge recorded in the third quarter of 2018 related to the decommissioning of the Company’s Norwood facility.

ImmunoGen stated a net loss of $21.8M, or $0.15 per basic and diluted share, for the third quarter of 2019, contrast with a net loss of $46.8M, or $0.32 per basic and diluted share, for the same quarter last year. Weighted average shares outstanding increased to 148.5M from 147.2M in those quarters.

ImmunoGen had $204.5M in cash and cash equivalents as of September 30, 2019, contrast with $262.3M as of December 31, 2018, and had $2.1M of convertible debt outstanding in each period. Cash used in operations was $55.8M for the first nine months of 2019, contrast with cash used in operations of $125.1M for the same period in 2018. The current period benefited from $65.2M of net proceeds generated from the sale of the Company’s residual rights to Kadcyla® (ado-trastuzumab emtasine) royalties in January 2019. Capital expenditures were $2.8M and $4.2M for the first nine months of 2019 and 2018, respectively.

The Healthcare sector company, ImmunoGen, Inc. noticed change of 2.45% to $3.35 along volume of 1406434 shares in recent session compared to an average volume of 1593.11K. The stock observed return of 1.21% in 5 days trading activity. The stock was at 26.42% over one-month performance. IMGN’s shares are at 32.94% for the quarter and driving a -39.09% return over the course of the past year and is now at -30.21% since this point in 2018.   The average volatility for the week at 6.65% and for month was at 8.41%. There are 155.41M shares outstanding and 147.67M shares are floated in market. Right now the stock beta is 2.24.

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