Intrinsic value of Immunogen - IMGN

Previous Close

$6.00

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

  Value-price divergence*

0%

Previous close

$6.00

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

 
Value-price divergence*

0%

*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 0.5

 

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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  22
  35
  54
  81
  118
  166
  229
  307
  403
  519
  656
  814
  995
  1,200
  1,428
  1,679
  1,953
  2,249
  2,568
  2,908
  3,270
  3,652
  4,054
  4,477
  4,919
  5,380
  5,862
  6,363
  6,885
  7,427
  7,991
Variable operating expenses, $m
 
  90
  138
  207
  300
  424
  583
  782
  1,027
  1,321
  1,669
  2,072
  2,533
  3,054
  3,633
  4,272
  4,969
  5,724
  6,535
  7,402
  8,322
  9,294
  10,318
  11,393
  12,518
  13,693
  14,918
  16,195
  17,522
  18,903
  20,337
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
  125
  174
  244
  338
  462
  622
  822
  1,068
  1,363
  1,713
  2,117
  2,579
  3,101
  3,681
  4,321
  5,019
  5,776
  6,588
  7,456
  8,378
  9,351
  10,377
  11,453
  12,579
  13,756
  14,983
  16,261
  17,590
  18,973
  20,408
Operating income, $m
  -67
  -89
  -120
  -162
  -220
  -296
  -393
  -515
  -665
  -844
  -1,057
  -1,303
  -1,584
  -1,901
  -2,254
  -2,643
  -3,067
  -3,527
  -4,020
  -4,548
  -5,108
  -5,699
  -6,322
  -6,976
  -7,661
  -8,376
  -9,121
  -9,897
  -10,705
  -11,545
  -12,418
EBITDA, $m
  -64
  -86
  -115
  -155
  -210
  -281
  -373
  -489
  -630
  -800
  -1,000
  -1,232
  -1,498
  -1,797
  -2,130
  -2,498
  -2,898
  -3,332
  -3,799
  -4,296
  -4,825
  -5,384
  -5,972
  -6,590
  -7,236
  -7,911
  -8,615
  -9,348
  -10,110
  -10,903
  -11,727
Interest expense (income), $m
  0
  3
  -7
  -6
  -4
  -2
  0
  4
  8
  14
  20
  28
  37
  47
  58
  71
  85
  100
  117
  134
  154
  174
  195
  218
  241
  266
  292
  318
  346
  376
  406
Earnings before tax, $m
  -79
  -93
  -113
  -156
  -215
  -293
  -393
  -519
  -673
  -858
  -1,077
  -1,330
  -1,620
  -1,947
  -2,312
  -2,713
  -3,152
  -3,627
  -4,137
  -4,682
  -5,261
  -5,873
  -6,518
  -7,194
  -7,902
  -8,642
  -9,413
  -10,216
  -11,052
  -11,920
  -12,824
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
  -93
  -113
  -156
  -215
  -293
  -393
  -519
  -673
  -858
  -1,077
  -1,330
  -1,620
  -1,947
  -2,312
  -2,713
  -3,152
  -3,627
  -4,137
  -4,682
  -5,261
  -5,873
  -6,518
  -7,194
  -7,902
  -8,642
  -9,413
  -10,216
  -11,052
  -11,920
  -12,824

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
  62
  96
  144
  209
  295
  406
  545
  715
  920
  1,163
  1,444
  1,765
  2,127
  2,531
  2,976
  3,462
  3,988
  4,553
  5,157
  5,798
  6,475
  7,189
  7,937
  8,721
  9,540
  10,393
  11,282
  12,207
  13,169
  14,169
Adjusted assets (=assets-cash), $m
  39
  62
  96
  144
  209
  295
  406
  545
  715
  920
  1,163
  1,444
  1,765
  2,127
  2,531
  2,976
  3,462
  3,988
  4,553
  5,157
  5,798
  6,475
  7,189
  7,937
  8,721
  9,540
  10,393
  11,282
  12,207
  13,169
  14,169
Revenue / Adjusted assets
  0.564
  0.565
  0.563
  0.563
  0.565
  0.563
  0.564
  0.563
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
  0.564
Average production assets, $m
  10
  15
  23
  35
  51
  72
  99
  133
  174
  224
  283
  352
  430
  518
  617
  725
  844
  972
  1,109
  1,256
  1,413
  1,578
  1,751
  1,934
  2,125
  2,324
  2,532
  2,749
  2,974
  3,209
  3,452
Working capital, $m
  120
  -64
  -99
  -148
  -215
  -303
  -416
  -559
  -733
  -944
  -1,192
  -1,480
  -1,810
  -2,181
  -2,595
  -3,052
  -3,550
  -4,089
  -4,669
  -5,287
  -5,945
  -6,639
  -7,371
  -8,139
  -8,942
  -9,782
  -10,657
  -11,568
  -12,517
  -13,503
  -14,528
Total debt, $m
  97
  -199
  -168
  -125
  -67
  11
  110
  235
  389
  573
  791
  1,044
  1,333
  1,660
  2,023
  2,424
  2,861
  3,334
  3,843
  4,386
  4,963
  5,573
  6,215
  6,889
  7,594
  8,331
  9,099
  9,899
  10,732
  11,597
  12,497
Total liabilities, $m
  352
  56
  87
  130
  188
  266
  365
  490
  644
  828
  1,046
  1,299
  1,588
  1,915
  2,278
  2,679
  3,116
  3,589
  4,098
  4,641
  5,218
  5,828
  6,470
  7,144
  7,849
  8,586
  9,354
  10,154
  10,987
  11,852
  12,752
Total equity, $m
  -153
  6
  10
  14
  21
  30
  41
  54
  72
  92
  116
  144
  176
  213
  253
  298
  346
  399
  455
  516
  580
  648
  719
  794
  872
  954
  1,039
  1,128
  1,221
  1,317
  1,417
Total liabilities and equity, $m
  199
  62
  97
  144
  209
  296
  406
  544
  716
  920
  1,162
  1,443
  1,764
  2,128
  2,531
  2,977
  3,462
  3,988
  4,553
  5,157
  5,798
  6,476
  7,189
  7,938
  8,721
  9,540
  10,393
  11,282
  12,208
  13,169
  14,169
Debt-to-equity ratio
  -0.634
  -31.860
  -17.450
  -8.680
  -3.190
  0.360
  2.720
  4.320
  5.430
  6.230
  6.810
  7.230
  7.560
  7.800
  7.990
  8.140
  8.260
  8.360
  8.440
  8.510
  8.560
  8.610
  8.650
  8.680
  8.710
  8.730
  8.750
  8.770
  8.790
  8.810
  8.820
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
  -93
  -113
  -156
  -215
  -293
  -393
  -519
  -673
  -858
  -1,077
  -1,330
  -1,620
  -1,947
  -2,312
  -2,713
  -3,152
  -3,627
  -4,137
  -4,682
  -5,261
  -5,873
  -6,518
  -7,194
  -7,902
  -8,642
  -9,413
  -10,216
  -11,052
  -11,920
  -12,824
Depreciation, amort., depletion, $m
  3
  3
  5
  7
  10
  14
  20
  27
  35
  45
  57
  70
  86
  104
  123
  145
  169
  194
  222
  251
  283
  316
  350
  387
  425
  465
  506
  550
  595
  642
  690
Funds from operations, $m
  -97
  -90
  -108
  -149
  -205
  -279
  -374
  -492
  -638
  -813
  -1,020
  -1,260
  -1,534
  -1,844
  -2,188
  -2,568
  -2,983
  -3,433
  -3,915
  -4,431
  -4,979
  -5,558
  -6,167
  -6,807
  -7,477
  -8,177
  -8,906
  -9,666
  -10,457
  -11,279
  -12,133
Change in working capital, $m
  -13
  -24
  -35
  -49
  -67
  -88
  -113
  -142
  -175
  -210
  -248
  -288
  -329
  -372
  -414
  -456
  -498
  -539
  -580
  -619
  -657
  -695
  -732
  -768
  -804
  -839
  -875
  -912
  -948
  -986
  -1,025
Cash from operations, $m
  -84
  -66
  -73
  -100
  -139
  -191
  -260
  -350
  -463
  -603
  -772
  -972
  -1,205
  -1,472
  -1,774
  -2,112
  -2,485
  -2,893
  -3,336
  -3,812
  -4,321
  -4,863
  -5,436
  -6,039
  -6,673
  -7,337
  -8,031
  -8,755
  -9,508
  -10,293
  -11,108
Maintenance CAPEX, $m
  0
  -2
  -3
  -5
  -7
  -10
  -14
  -20
  -27
  -35
  -45
  -57
  -70
  -86
  -104
  -123
  -145
  -169
  -194
  -222
  -251
  -283
  -316
  -350
  -387
  -425
  -465
  -506
  -550
  -595
  -642
New CAPEX, $m
  -1
  -6
  -8
  -12
  -16
  -21
  -27
  -34
  -42
  -50
  -59
  -68
  -78
  -88
  -98
  -108
  -118
  -128
  -138
  -147
  -156
  -165
  -174
  -182
  -191
  -199
  -208
  -217
  -225
  -234
  -244
Cash from investing activities, $m
  -1
  -8
  -11
  -17
  -23
  -31
  -41
  -54
  -69
  -85
  -104
  -125
  -148
  -174
  -202
  -231
  -263
  -297
  -332
  -369
  -407
  -448
  -490
  -532
  -578
  -624
  -673
  -723
  -775
  -829
  -886
Free cash flow, $m
  -85
  -73
  -85
  -117
  -161
  -222
  -302
  -404
  -531
  -688
  -876
  -1,097
  -1,353
  -1,646
  -1,976
  -2,344
  -2,749
  -3,190
  -3,668
  -4,181
  -4,729
  -5,310
  -5,925
  -6,572
  -7,251
  -7,962
  -8,704
  -9,478
  -10,283
  -11,122
  -11,993
Issuance/(repayment) of debt, $m
  0
  -296
  31
  43
  59
  77
  100
  125
  153
  185
  218
  253
  289
  326
  363
  401
  437
  473
  509
  543
  577
  610
  642
  674
  705
  737
  768
  800
  832
  866
  900
Issuance/(repurchase) of shares, $m
  0
  412
  116
  161
  222
  302
  404
  533
  690
  879
  1,101
  1,358
  1,652
  1,984
  2,352
  2,758
  3,201
  3,679
  4,194
  4,743
  5,325
  5,941
  6,589
  7,269
  7,980
  8,723
  9,498
  10,305
  11,144
  12,017
  12,924
Cash from financing (excl. dividends), $m  
  0
  116
  147
  204
  281
  379
  504
  658
  843
  1,064
  1,319
  1,611
  1,941
  2,310
  2,715
  3,159
  3,638
  4,152
  4,703
  5,286
  5,902
  6,551
  7,231
  7,943
  8,685
  9,460
  10,266
  11,105
  11,976
  12,883
  13,824
Total cash flow (excl. dividends), $m
  -85
  43
  62
  87
  119
  157
  203
  254
  312
  375
  443
  514
  588
  663
  739
  815
  889
  963
  1,035
  1,105
  1,173
  1,240
  1,306
  1,371
  1,435
  1,499
  1,563
  1,627
  1,693
  1,760
  1,830
Retained Cash Flow (-), $m
  71
  -412
  -116
  -161
  -222
  -302
  -404
  -533
  -690
  -879
  -1,101
  -1,358
  -1,652
  -1,984
  -2,352
  -2,758
  -3,201
  -3,679
  -4,194
  -4,743
  -5,325
  -5,941
  -6,589
  -7,269
  -7,980
  -8,723
  -9,498
  -10,305
  -11,144
  -12,017
  -12,924
Prev. year cash balance distribution, $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
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
 
  -209
  -54
  -74
  -103
  -145
  -202
  -279
  -378
  -503
  -658
  -844
  -1,064
  -1,320
  -1,613
  -1,943
  -2,311
  -2,717
  -3,159
  -3,638
  -4,152
  -4,701
  -5,283
  -5,898
  -6,546
  -7,225
  -7,936
  -8,678
  -9,451
  -10,256
  -11,094
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
 
  -197
  -48
  -61
  -79
  -102
  -131
  -164
  -200
  -237
  -274
  -308
  -336
  -356
  -368
  -371
  -363
  -346
  -322
  -292
  -258
  -222
  -186
  -151
  -120
  -93
  -70
  -51
  -36
  -25
  -16
Current shareholders' claim on cash, %
  100
  50.0
  2.5
  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
  0.0
  0.0

ImmunoGen, Inc. is a clinical-stage biotechnology company that develops targeted cancer therapeutics using its antibody-drug conjugate (ADC) technology. The Company is engaged in the discovery of monoclonal antibody-based anticancer therapeutics. An ADC with the Company's technology comprises an antibody that binds to a target found on tumor cells conjugated to one of its anti-cancer agents as a payload to kill the tumor cell once the ADC has bound to its target. Its product candidates include Mirvetuximab soravtansine; IMGN779; IMGN632; IMGN529, and Coltuximab ravtansine. Its portfolio is led by Mirvetuximab soravtansine, a first-in-class ADC targeting folate-receptor alpha (Fra). Its FORWARD II consists of cohorts assessing Mirvetuximab soravtansine in combination with, in separate doublets, Avastin (bevacizumab), pegylated liposomal doxorubicin (PLD), and carboplatin. The Company has developed tubulin-acting maytansinoid payload agents, which include DM1 and DM4.

FINANCIAL RATIOS  of  Immunogen (IMGN)

Valuation Ratios
P/E Ratio -6.6
Price to Sales 23.8
Price to Book -3.4
Price to Tangible Book
Price to Cash Flow -6.2
Price to Free Cash Flow -6.2
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 60% 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 3.2 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 -181.8%. 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 85.787 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 $0.5 billion.

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COMPANY NEWS

▶ Why ImmunoGen, Inc. Dropped Today   [03:58PM  Motley Fool]
▶ Why ImmunoGens Secondary Makes Sense   [09:55AM  24/7 Wall St.]
▶ Should You Be Holding ImmunoGen Inc (IMGN) Right Now?   [Oct-03-17 06:46AM  Simply Wall St.]
▶ Better Buy: Exelixis, Inc. vs. Immunogen, Inc.   [Sep-30-17 10:47AM  Motley Fool]
▶ ImmunoGen Inc (IMGN): Risks You Need To Consider Before Buying   [Sep-18-17 08:13PM  Simply Wall St.]
▶ Is ImmunoGen Running Out of Steam, or Taking a Breather?   [Sep-16-17 10:31AM  Motley Fool]
▶ Why Shares of ImmunoGen, Inc. Sank Today   [Sep-12-17 06:33PM  Motley Fool]
▶ Behind Jazzs Strategic Collaboration with ImmunoGen   [Sep-07-17 04:35PM  Market Realist]
▶ ETFs with exposure to ImmunoGen, Inc. : August 31, 2017   [Aug-31-17 06:54PM  Capital Cube]
▶ Biotechs On The Move   [04:01PM  Forbes]
▶ Why Investors Bid Immunogen Inc. Up Almost 12% Today   [Aug-30-17 05:39PM  Motley Fool]
▶ Harry Boxers four biotech stocks to watch   [12:00PM  MarketWatch]
▶ Why Movado Group, Catalent, and ImmunoGen Jumped Today   [Aug-29-17 04:21PM  Motley Fool]
▶ Why ImmunoGen, Inc. Jumped Higher Today   [01:44PM  Motley Fool]
▶ 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]
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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