5 Stocks Receiving a Massive Vote of Approval From Wall Street Analysts

02. ImmunoGen, Inc. (NASDAQ:IMGN)

Price Reaction after the Upgrade: +0.43 (+2.78%)

On September 13, ImmunoGen, Inc. (NASDAQ:IMGN) experienced a significant shift in its stock outlook thanks to an upgrade from JPMorgan Chase & Co., from “Neutral” to “Overweight”. As of the latest available data, ImmunoGen’s stock was trading at $15.86, showing a marginal dip of 0.1%. Yet, the real story here lies in the remarkable transformation of its price target. Previously set at a conservative $9.00, the revised price target now stands impressively at $22.00. JPMorgan Chase & Co.’s upgrade signifies a significant shift in the perception of ImmunoGen, Inc. (NASDAQ:IMGN) performance and potential. The transition from a “Neutral” recommendation to “Overweight” reflects a heightened sense of optimism regarding the company’s future prospects. While the change in stock price may seem subtle, the adjustment in the price target underlines JPMorgan’s strong belief in ImmunoGen’s growth trajectory. Investors closely monitor these developments as they offer valuable insights into the direction ImmunoGen, Inc. (NASDAQ:IMGN) is headed and the prevailing market sentiment. The upgrade from “Neutral” to “Overweight” underscores the ever-evolving dynamics within the biotechnology sector, reinforcing the importance of adaptability in investment strategies.

ClearBridge Multi Cap Growth Strategy made the following comment about ImmunoGen, Inc. (NASDAQ:IMGN) in its Q4 2022 investor letter:

“During the quarter we exited a position in ImmunoGen, Inc. (NASDAQ:IMGN), a biotechnology company developing antibody-drug conjugate therapies to treat cancer. ImmunoGen received FDA approval for Elahere for ovarian cancer, however it is a relatively modest opportunity and the company still faces a long road to reach meaningful profitability. The sale is also part of our effort to consolidate the portfolio in our highest conviction ideas.”