5 Stocks Under $20 To Buy Now

4. ImmunoGen, Inc. (NASDAQ:IMGN)

Share Price as of November 23: $16.15

Number of Hedge Fund Holders: 46

Waltham, Massachusetts-based ImmunoGen, Inc. (NASDAQ:IMGN) is a biotechnology company focused on the research and development of antibody-drug conjugates (ADCs) for cancer treatment. Its primary product is ELAHERE, a first-in-class ADC targeting folate receptor alpha expressed in multiple types of tumors including ovarian, endometrial, and non-small-cell lung cancers. ELAHERE received FDA approval for the treatment of ovarian cancer in adults, in November 2022.

On November 2, ImmunoGen, Inc. (NASDAQ:IMGN) released its financial results for Q3 2023. It generated total revenues of $113 million, including $105 million from ELAHERE net sales, and a net income of $31 million. At $0.10, the normalized EPS exceeded consensus estimates by $0.06.

On August 28, ImmunoGen, Inc. (NASDAQ:IMGN) announced an exclusive collaboration with Takeda Pharmaceutical Company Limited (NYSE:TAK) to develop and commercialize ELAHERE in Japan. The company received $23.4 million upfront payment and is eligible to receive up to $135 million in regulatory and commercial milestone payments.

As of Q3 2023, ImmunoGen, Inc. (NASDAQ:IMGN) shares were owned by 46 leading hedge funds with the total shares held by them valued at $1.0 billion. Jeremy Green’s Redmile Group was the largest hedge fund shareholder of the company with ownership of 17.5 million shares valued at $278 million.