5 Best Biotech Stocks Under $10

2. ImmunoGen, Inc. (NASDAQ:IMGN)

Share Price as of September 23: $4.58

Number of Hedge Fund Holders: 28

ImmunoGen, Inc. (NASDAQ:IMGN) is a clinical-stage biotechnology company that researches and develops antibody-drug conjugate therapies for use in oncology. On August 31, ImmunoGen, Inc. (NASDAQ:IMGN) provided updated data for its Phase 2 CADENZA study of IMGN632, the company’s ADC-based treatment for hematologic malignancy. The company also reported that is has received regulatory alignment from the FDA for continuing CADENZA into 2024.

Shortly after the company reported that it has aligned with the FDA for CADENZA, Piper Sandler analyst Joseph Catanzaro maintained his $6 price target and Neutral rating on ImmunoGen, Inc. (NASDAQ:IMGN). On September 9, Barclays analyst Peter Lawson started coverage of ImmunoGen, Inc. (NASDAQ:IMGN) with a buy-side Overweight rating and an $8 price target. As of September 23, ImmunoGen, Inc. (NASDAQ:IMGN) has gained 7.5% over the past six months.

At the end of the second quarter of 2022, 28 hedge funds held stakes in ImmunoGen, Inc. (NASDAQ:IMGN) worth $361.65 million. This is compared to 30 positions in the previous quarter with stakes worth $314 million.

As of June 30, RA Capital Management is the top shareholder in ImmunoGen, Inc. (NASDAQ:IMGN) with stakes worth $97.83 million. The investment covers 2.6% of Peter Kolchinski’s 13F portfolio.