Intrinsic value of Immunogen - IMGN

Previous Close

$6.57

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

-84%

Previous close

$6.57

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

-84%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of IMGN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -63.33
  45.00
  41.00
  37.40
  34.16
  31.24
  28.62
  26.26
  24.13
  22.22
  20.50
  18.95
  17.55
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.00
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.58
  7.33
  7.09
  6.88
Revenue, $m
  22
  32
  45
  62
  83
  109
  140
  177
  219
  268
  323
  384
  452
  525
  605
  691
  782
  879
  982
  1,090
  1,203
  1,322
  1,446
  1,575
  1,709
  1,849
  1,995
  2,146
  2,304
  2,467
  2,637
Variable operating expenses, $m
 
  81
  114
  157
  211
  277
  356
  450
  558
  682
  822
  978
  1,150
  1,337
  1,540
  1,758
  1,990
  2,237
  2,498
  2,773
  3,062
  3,364
  3,679
  4,008
  4,350
  4,707
  5,077
  5,462
  5,863
  6,278
  6,711
Fixed operating expenses, $m
 
  35
  36
  37
  38
  38
  39
  40
  41
  42
  44
  45
  46
  47
  48
  49
  50
  52
  53
  54
  56
  57
  59
  60
  61
  63
  65
  66
  68
  70
  71
Total operating expenses, $m
  89
  116
  150
  194
  249
  315
  395
  490
  599
  724
  866
  1,023
  1,196
  1,384
  1,588
  1,807
  2,040
  2,289
  2,551
  2,827
  3,118
  3,421
  3,738
  4,068
  4,411
  4,770
  5,142
  5,528
  5,931
  6,348
  6,782
Operating income, $m
  -67
  -84
  -105
  -132
  -166
  -207
  -256
  -313
  -380
  -457
  -543
  -638
  -744
  -858
  -983
  -1,116
  -1,259
  -1,410
  -1,570
  -1,738
  -1,914
  -2,099
  -2,292
  -2,493
  -2,703
  -2,920
  -3,147
  -3,382
  -3,627
  -3,881
  -4,145
EBITDA, $m
  -64
  -83
  -103
  -129
  -162
  -202
  -250
  -306
  -371
  -445
  -529
  -622
  -724
  -836
  -957
  -1,086
  -1,225
  -1,372
  -1,527
  -1,691
  -1,862
  -2,042
  -2,230
  -2,425
  -2,629
  -2,841
  -3,061
  -3,290
  -3,527
  -3,774
  -4,031
Interest expense (income), $m
  0
  3
  0
  4
  9
  15
  22
  31
  41
  53
  67
  83
  100
  119
  140
  163
  187
  213
  241
  270
  300
  332
  366
  401
  438
  476
  516
  557
  600
  645
  691
Earnings before tax, $m
  -79
  -88
  -105
  -136
  -174
  -221
  -278
  -344
  -422
  -510
  -610
  -721
  -844
  -978
  -1,123
  -1,279
  -1,446
  -1,623
  -1,810
  -2,008
  -2,215
  -2,432
  -2,658
  -2,894
  -3,141
  -3,397
  -3,663
  -3,940
  -4,227
  -4,526
  -4,836
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -79
  -88
  -105
  -136
  -174
  -221
  -278
  -344
  -422
  -510
  -610
  -721
  -844
  -978
  -1,123
  -1,279
  -1,446
  -1,623
  -1,810
  -2,008
  -2,215
  -2,432
  -2,658
  -2,894
  -3,141
  -3,397
  -3,663
  -3,940
  -4,227
  -4,526
  -4,836

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  160
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  199
  287
  405
  557
  747
  980
  1,261
  1,592
  1,976
  2,415
  2,910
  3,462
  4,069
  4,733
  5,450
  6,222
  7,045
  7,919
  8,844
  9,817
  10,838
  11,907
  13,024
  14,188
  15,400
  16,662
  17,973
  19,336
  20,753
  22,225
  23,755
Adjusted assets (=assets-cash), $m
  39
  287
  405
  557
  747
  980
  1,261
  1,592
  1,976
  2,415
  2,910
  3,462
  4,069
  4,733
  5,450
  6,222
  7,045
  7,919
  8,844
  9,817
  10,838
  11,907
  13,024
  14,188
  15,400
  16,662
  17,973
  19,336
  20,753
  22,225
  23,755
Revenue / Adjusted assets
  0.564
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
  0.111
Average production assets, $m
  10
  14
  19
  27
  36
  47
  60
  76
  95
  116
  140
  166
  195
  227
  261
  298
  338
  380
  424
  471
  520
  571
  625
  680
  738
  799
  862
  927
  995
  1,066
  1,139
Working capital, $m
  120
  -3
  -4
  -6
  -8
  -11
  -14
  -18
  -22
  -27
  -32
  -38
  -45
  -53
  -60
  -69
  -78
  -88
  -98
  -109
  -120
  -132
  -145
  -157
  -171
  -185
  -200
  -215
  -230
  -247
  -264
Total debt, $m
  97
  4
  110
  246
  417
  627
  880
  1,178
  1,524
  1,919
  2,364
  2,861
  3,407
  4,004
  4,650
  5,344
  6,086
  6,873
  7,704
  8,580
  9,499
  10,461
  11,466
  12,514
  13,605
  14,740
  15,921
  17,148
  18,423
  19,748
  21,124
Total liabilities, $m
  352
  259
  365
  501
  672
  882
  1,135
  1,433
  1,779
  2,174
  2,619
  3,116
  3,662
  4,259
  4,905
  5,599
  6,341
  7,128
  7,959
  8,835
  9,754
  10,716
  11,721
  12,769
  13,860
  14,995
  16,176
  17,403
  18,678
  20,003
  21,379
Total equity, $m
  -153
  29
  41
  56
  75
  98
  126
  159
  198
  242
  291
  346
  407
  473
  545
  622
  705
  792
  884
  982
  1,084
  1,191
  1,302
  1,419
  1,540
  1,666
  1,797
  1,934
  2,075
  2,223
  2,375
Total liabilities and equity, $m
  199
  288
  406
  557
  747
  980
  1,261
  1,592
  1,977
  2,416
  2,910
  3,462
  4,069
  4,732
  5,450
  6,221
  7,046
  7,920
  8,843
  9,817
  10,838
  11,907
  13,023
  14,188
  15,400
  16,661
  17,973
  19,337
  20,753
  22,226
  23,754
Debt-to-equity ratio
  -0.634
  0.130
  2.710
  4.420
  5.590
  6.400
  6.980
  7.400
  7.710
  7.940
  8.120
  8.260
  8.370
  8.460
  8.530
  8.590
  8.640
  8.680
  8.710
  8.740
  8.760
  8.790
  8.800
  8.820
  8.830
  8.850
  8.860
  8.870
  8.880
  8.890
  8.890
Adjusted equity ratio
  -8.026
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -79
  -88
  -105
  -136
  -174
  -221
  -278
  -344
  -422
  -510
  -610
  -721
  -844
  -978
  -1,123
  -1,279
  -1,446
  -1,623
  -1,810
  -2,008
  -2,215
  -2,432
  -2,658
  -2,894
  -3,141
  -3,397
  -3,663
  -3,940
  -4,227
  -4,526
  -4,836
Depreciation, amort., depletion, $m
  3
  1
  2
  3
  4
  5
  6
  8
  9
  12
  14
  17
  20
  23
  26
  30
  34
  38
  42
  47
  52
  57
  62
  68
  74
  80
  86
  93
  100
  107
  114
Funds from operations, $m
  -97
  -86
  -103
  -133
  -171
  -216
  -272
  -337
  -412
  -498
  -596
  -704
  -824
  -955
  -1,097
  -1,249
  -1,412
  -1,585
  -1,768
  -1,960
  -2,163
  -2,375
  -2,596
  -2,826
  -3,067
  -3,317
  -3,577
  -3,847
  -4,128
  -4,419
  -4,722
Change in working capital, $m
  -13
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
Cash from operations, $m
  -84
  -85
  -102
  -132
  -169
  -214
  -268
  -333
  -408
  -494
  -590
  -698
  -817
  -948
  -1,089
  -1,241
  -1,403
  -1,575
  -1,758
  -1,950
  -2,151
  -2,363
  -2,583
  -2,814
  -3,053
  -3,303
  -3,562
  -3,832
  -4,112
  -4,403
  -4,705
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -5
  -6
  -8
  -9
  -12
  -14
  -17
  -20
  -23
  -26
  -30
  -34
  -38
  -42
  -47
  -52
  -57
  -62
  -68
  -74
  -80
  -86
  -93
  -100
  -107
New CAPEX, $m
  -1
  -4
  -6
  -7
  -9
  -11
  -13
  -16
  -18
  -21
  -24
  -26
  -29
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -49
  -51
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -73
Cash from investing activities, $m
  -1
  -5
  -7
  -9
  -12
  -15
  -18
  -22
  -26
  -30
  -36
  -40
  -46
  -52
  -57
  -63
  -69
  -76
  -82
  -89
  -96
  -103
  -111
  -118
  -126
  -134
  -143
  -151
  -161
  -171
  -180
Free cash flow, $m
  -85
  -90
  -109
  -141
  -180
  -229
  -287
  -355
  -434
  -524
  -626
  -739
  -863
  -999
  -1,146
  -1,304
  -1,472
  -1,651
  -1,840
  -2,039
  -2,247
  -2,466
  -2,694
  -2,932
  -3,179
  -3,437
  -3,705
  -3,983
  -4,272
  -4,573
  -4,885
Issuance/(repayment) of debt, $m
  0
  -93
  106
  136
  171
  210
  253
  298
  346
  395
  446
  496
  547
  597
  646
  694
  741
  787
  832
  876
  919
  962
  1,005
  1,048
  1,091
  1,135
  1,180
  1,227
  1,275
  1,325
  1,377
Issuance/(repurchase) of shares, $m
  0
  269
  117
  151
  193
  245
  306
  377
  460
  554
  659
  776
  904
  1,044
  1,195
  1,356
  1,528
  1,710
  1,903
  2,105
  2,317
  2,539
  2,770
  3,011
  3,262
  3,523
  3,794
  4,076
  4,369
  4,673
  4,989
Cash from financing (excl. dividends), $m  
  0
  176
  223
  287
  364
  455
  559
  675
  806
  949
  1,105
  1,272
  1,451
  1,641
  1,841
  2,050
  2,269
  2,497
  2,735
  2,981
  3,236
  3,501
  3,775
  4,059
  4,353
  4,658
  4,974
  5,303
  5,644
  5,998
  6,366
Total cash flow (excl. dividends), $m
  -85
  86
  114
  147
  184
  226
  272
  320
  372
  425
  479
  534
  588
  642
  695
  747
  797
  846
  895
  942
  989
  1,035
  1,081
  1,127
  1,174
  1,221
  1,269
  1,319
  1,371
  1,425
  1,481
Retained Cash Flow (-), $m
  71
  -269
  -117
  -151
  -193
  -245
  -306
  -377
  -460
  -554
  -659
  -776
  -904
  -1,044
  -1,195
  -1,356
  -1,528
  -1,710
  -1,903
  -2,105
  -2,317
  -2,539
  -2,770
  -3,011
  -3,262
  -3,523
  -3,794
  -4,076
  -4,369
  -4,673
  -4,989
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -184
  -3
  -4
  -9
  -19
  -34
  -57
  -88
  -129
  -180
  -242
  -316
  -402
  -500
  -610
  -731
  -864
  -1,008
  -1,163
  -1,328
  -1,504
  -1,689
  -1,884
  -2,088
  -2,302
  -2,524
  -2,756
  -2,998
  -3,248
  -3,508
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  -174
  -3
  -4
  -7
  -13
  -22
  -33
  -47
  -61
  -75
  -88
  -100
  -109
  -114
  -116
  -115
  -110
  -103
  -93
  -82
  -71
  -59
  -48
  -38
  -30
  -22
  -16
  -11
  -8
  -5
Current shareholders' claim on cash, %
  100
  50.0
  9.9
  2.1
  0.5
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

ImmunoGen, Inc., a biotechnology company, develops targeted anticancer therapeutics. The company develops its products using its antibody-drug conjugate (ADC) technology. The company’s product candidates include Mirvetuximab soravtansine, an ADC targeting folate-receptor alpha for the treatment of platinum-resistant ovarian cancer; IMGN529 and coltuximab ravtansine that are in Phase II clinical trials for the treatment of non-Hodgkin lymphoma; IMGN779 that is in Phase I clinical trials for the treatment of acute myeloid leukemia (AML); and IMGN632, a preclinical CD123-targeting ADC for the treatment of AML. ImmunoGen, Inc. has collaborations with Amgen Inc.; Bayer HealthCare; Biotest AG; Eli Lilly and Company; Novartis Institutes for BioMedical Research, Inc.; Roche; Sanofi; Merck; and Takeda, as well as research agreement with CytomX Therapeutics, Inc. The company was founded in 1981 and is headquartered in Waltham, Massachusetts.

FINANCIAL RATIOS  of  Immunogen (IMGN)

Valuation Ratios
P/E Ratio -7.3
Price to Sales 26.1
Price to Book -3.7
Price to Tangible Book
Price to Cash Flow -6.8
Price to Free Cash Flow -6.7
Growth Rates
Sales Growth Rate -63.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -90%
Cap. Spend. - 3 Yr. Gr. Rate -34%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity -63.4%
Total Debt to Equity -63.4%
Interest Coverage 0
Management Effectiveness
Return On Assets -33.1%
Ret/ On Assets - 3 Yr. Avg. -35.8%
Return On Total Capital 385.4%
Ret/ On T. Cap. - 3 Yr. Avg. -101.5%
Return On Equity 67.2%
Return On Equity - 3 Yr. Avg. 191.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin -345.5%
EBITDA Margin - 3 Yr. Avg. -214.2%
Operating Margin -304.5%
Oper. Margin - 3 Yr. Avg. -191.9%
Pre-Tax Margin -359.1%
Pre-Tax Margin - 3 Yr. Avg. -223.9%
Net Profit Margin -359.1%
Net Profit Margin - 3 Yr. Avg. -223.9%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

IMGN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IMGN stock intrinsic value calculation we used $22 million for the last fiscal year's total revenue generated by Immunogen. The default revenue input number comes from 2016 income statement of Immunogen. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IMGN stock valuation model: a) initial revenue growth rate of 45% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.9%, whose default value for IMGN is calculated based on our internal credit rating of Immunogen, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Immunogen.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IMGN stock the variable cost ratio is equal to 254.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $34 million in the base year in the intrinsic value calculation for IMGN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Immunogen.

Corporate tax rate of 27% is the nominal tax rate for Immunogen. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IMGN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IMGN are equal to 43.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Immunogen operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IMGN is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-153 million for Immunogen - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 90.496 million for Immunogen is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Immunogen at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating
CTMX CytomX Therape 14.76 0.52  str.sell
LLY Eli Lilly 78.26 94.86  hold
AMGN Amgen 170.07 182.48  hold
SGEN Seattle Geneti 47.50 1.12  str.sell
NVS Novartis ADR 83.51 35.73  str.sell
SNY Sanofi ADR 48.46 50.76  hold

COMPANY NEWS

▶ Penny Stocks to Watch for August 2017   [10:05AM  Investopedia]
▶ ImmunoGen, Inc. Earnings: What Goes Up, Must Come Down   [Jul-31-17 03:19PM  Motley Fool]
▶ ImmunoGen reports 2Q loss   [Jul-28-17 10:01PM  Associated Press]
▶ Three biotech companies to watch ahead of earnings   [Jul-25-17 04:25PM  MarketWatch]
▶ Why ImmunoGen, Inc. Jumped Higher Today   [Jul-24-17 04:16PM  Motley Fool]
▶ ETFs with exposure to ImmunoGen, Inc. : July 7, 2017   [Jul-07-17 03:01PM  Capital Cube]
▶ Why ImmunoGen, Inc. Jumped Higher on Monday   [Jun-26-17 07:57PM  Motley Fool]
▶ 5 Best Biotech Stocks of 2017 So Far   [Jun-25-17 02:01PM  Motley Fool]
▶ Why ImmunoGen, Inc. Jumped Higher Today   [Jun-20-17 07:31PM  Motley Fool]
▶ ETFs with exposure to ImmunoGen, Inc. : June 16, 2017   [Jun-16-17 03:54PM  Capital Cube]
▶ 3 Stocks With Exelixis-Like Return Potential   [Jun-05-17 04:29PM  Motley Fool]
▶ ImmunoGen grabs $30M in reworked cancer drug pact with Sanofi   [May-30-17 12:55PM  American City Business Journals]
▶ Why ImmunoGen, Inc. Jumped Higher Today   [May-18-17 02:02PM  Motley Fool]
▶ Why ImmunoGen, Inc. Stock Is Flying High Today   [May-15-17 03:56PM  Motley Fool]
▶ ImmunoGen, Inc. Begins FORWARD I, Investors Wait   [May-10-17 02:58PM  Motley Fool]
▶ ImmunoGen reports 1Q loss   [06:35AM  Associated Press]
▶ Here's Why ImmunoGen Rose 10.7% in April   [May-03-17 11:10AM  Motley Fool]
▶ When Will ImmunoGen, Inc. Finally Start Making Money?   [Apr-27-17 09:08AM  Motley Fool]
▶ Why ImmunoGen, Inc. Jumped Higher Today   [Apr-20-17 04:43PM  Motley Fool]
▶ Why ImmunoGen, Inc. Shot Up Today   [Apr-19-17 12:38PM  Motley Fool]
▶ Why ImmunoGen, Inc. Stock Jumped Higher Today   [Apr-13-17 04:02PM  Motley Fool]
▶ ImmunoGen Announces Presentations at AACR Annual Meeting   [Mar-01-17 09:45PM  Business Wire]
▶ Why ImmunoGen, Inc. Skyrocketed Higher Today   [Feb-28-17 01:58PM  Motley Fool]
▶ Why ImmunoGen, Inc. Skyrocketed Higher Today   [01:58PM  at Motley Fool]
▶ ImmunoGen, Inc.: Waiting to Move FORWARD   [Feb-22-17 11:48AM  at Motley Fool]
▶ ImmunoGen 4Q Loss Misses Street Expectations   [Feb-20-17 10:42AM  at Investopedia]
Stock chart of IMGN Financial statements of IMGN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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