Here is What Hedge Funds Think About ImmunoGen, Inc. (IMGN)

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Judging by the fact that ImmunoGen, Inc. (NASDAQ:IMGN) has experienced a declination in interest from the aggregate hedge fund industry, it’s easy to see that there was a specific group of hedge funds who sold off their positions entirely heading into Q4. Intriguingly, Richard Driehaus’ Driehaus Capital dumped the biggest position of the “upper crust” of funds monitored by Insider Monkey, comprising about $2.5 million in stock. Glenn Russell Dubin’s fund, Highbridge Capital Management, also cut its stock, about $1.8 million worth of shares. These transactions are interesting, as total hedge fund interest stayed the same (this is a bearish signal in our experience).

Let’s now take a look at hedge fund activity in other stocks similar to ImmunoGen, Inc. (NASDAQ:IMGN). We will take a look at Greenhill & Co., Inc. (NYSE:GHL), Hibbett Sports, Inc. (NASDAQ:HIBB), Endologix, Inc. (NASDAQ:ELGX), and Teekay Tankers Ltd. (NYSE:TNK). This group of stocks’ market valuations is closest to ImmunoGen, Inc. (NASDAQ:IMGN)’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
GHL 15 58380 -1
HIBB 11 45724 -2
ELGX 21 185259 4
TNK 21 208197 5

As you can see, these stocks had an average of 17 hedge funds with bullish positions and the average amount invested in these stocks was $124 million. That figure was $99 million in ImmunoGen, Inc. (NASDAQ:IMGN)’s case. Endologix, Inc. (NASDAQ:ELGX) is the most popular stock in this table. On the other hand, Hibbett Sports, Inc. (NASDAQ:HIBB) is the least popular one with only 11 bullish hedge fund positions. ImmunoGen, Inc. (NASDAQ:IMGN) is not the least popular stock in this group, but hedge fund interest is still below average. This is a slightly negative signal and we’d rather spend our time researching stocks that hedge funds are piling on. In this regard, Endologix, Inc. (NASDAQ:ELGX) might be a better candidate to consider a long position.

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