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What Analysts Recommend for IMGN after Its Q1 Results

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May. 16 2019, Published 1:34 p.m. ET

Recent share price movements

On May 15, Immunogen (IMGN) issued a press release announcing mature data from its FORWARD II expansion cohort, which is evaluating the combination of mirvetuximab soravtansine and Avastin in folate receptor alpha-positive platinum-resistant ovarian cancer indications. According to its first-quarter earnings conference call, the company is studying mirvetuximab soravtansine doublet regimens and a triplet combination of mirvetuximab soravtansine, Avastin, and carboplatin in FORWARD II trials to expand mirvetuximab’s addressable market to earlier lines of therapy in ovarian cancer indications.

On May 15, Immunogen’s share price closed at $2.14, 32.06% lower than the previous day’s close, 5.73% lower than its 52-week low of $2.27, and 82.62% lower than its 52-week high of $12.31. The company’s market cap is $315.07 million.

Immunogen’s PS (price-to-sales) and PC (price-to-cash) ratios were 7.47x and 1.17x, respectively. The company’s 14-day RSI (relative strength index) is currently 35.82. The company’s number of outstanding shares is 147.23 million, while its short float ratio is 9.23%.

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Analysts’ recommendations and target price

Wall Street analysts expect an upside potential of 127.10% for Immunogen based on the company’s closing price on May 15. Analysts slashed the company’s 12-month consensus target price from $14.38 in February to $4.56 in March and then raised it slightly to $4.79 in April and $4.86 in May.

Of the ten analysts covering Immunogen, two have given it “strong buys,” three have given it “buys,” four have given it “holds,” and one has given it a “sell.”

Revenue and EPS estimates

Analysts expect Immunogen’s revenues to see YoY (year-over-year) changes of -27.67% to $38.93 million in 2019, 6.41% to $41.42 million in 2020, and 106.57% to $85.56 million in 2021.

Analysts also expect Immunogen’s non-generally accepted accounting principles EPS to see YoY rises of 12.33% to -$1.05 in 2019, 10.54% to -$0.94 in 2020, and 13.84% to -$0.81 in 2021.

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