Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Hedge Funds Are Selling ImmunoGen, Inc. (IMGN)

ImmunoGen, Inc. (NASDAQ:IMGN) investors should pay attention to a decrease in hedge fund interest recently.

At the moment, there are dozens of methods market participants can use to monitor publicly traded companies. Some of the best are hedge fund and insider trading sentiment. At Insider Monkey, our studies have shown that, historically, those who follow the top picks of the elite money managers can beat the S&P 500 by a healthy amount (see just how much).

Kerr Neilson

Just as key, positive insider trading sentiment is a second way to break down the marketplace. Obviously, there are a number of motivations for an upper level exec to drop shares of his or her company, but just one, very clear reason why they would buy. Many empirical studies have demonstrated the market-beating potential of this method if shareholders know what to do (learn more here).

Consequently, it’s important to take a glance at the latest action encompassing ImmunoGen, Inc. (NASDAQ:IMGN).

Hedge fund activity in ImmunoGen, Inc. (NASDAQ:IMGN)

At the end of the fourth quarter, a total of 5 of the hedge funds we track were bullish in this stock, a change of -17% from the third quarter. With hedgies’ capital changing hands, there exists a few notable hedge fund managers who were boosting their stakes considerably.

Of the funds we track, Sectoral Asset Management, managed by Jerome Pfund and Michael Sjostrom, holds the most valuable position in ImmunoGen, Inc. (NASDAQ:IMGN). Sectoral Asset Management has a $37 million position in the stock, comprising 1.3% of its 13F portfolio. Coming in second is Platinum Asset Management, managed by Kerr Neilson, which held a $0.8 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Other hedgies that are bullish include Cliff Asness’s AQR Capital Management, Ken Griffin’s Citadel Investment Group and Glenn Russell Dubin’s Highbridge Capital Management.

Seeing as ImmunoGen, Inc. (NASDAQ:IMGN) has faced a declination in interest from the aggregate hedge fund industry, we can see that there were a few money managers that elected to cut their full holdings last quarter. At the top of the heap, Samuel Isaly’s OrbiMed Advisors sold off the biggest position of the 450+ funds we watch, valued at about $28.1 million in stock., and Louis Bacon of Moore Global Investments was right behind this move, as the fund dumped about $1.5 million worth. These bearish behaviors are interesting, as aggregate hedge fund interest was cut by 1 funds last quarter.

What have insiders been doing with ImmunoGen, Inc. (NASDAQ:IMGN)?

Insider trading activity, especially when it’s bullish, is particularly usable when the company in focus has seen transactions within the past six months. Over the latest 180-day time period, ImmunoGen, Inc. (NASDAQ:IMGN) has experienced 1 unique insiders buying, and 2 insider sales (see the details of insider trades here).

Let’s also review hedge fund and insider activity in other stocks similar to ImmunoGen, Inc. (NASDAQ:IMGN). These stocks are Sarepta Therapeutics Inc (NASDAQ:SRPT), Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY), Synageva BioPharma Corp (NASDAQ:GEVA), Nektar Therapeutics (NASDAQ:NKTR), and Acorda Therapeutics Inc (NASDAQ:ACOR). This group of stocks are in the biotechnology industry and their market caps are similar to IMGN’s market cap.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...