Here’s Why ClearBridge Multi Cap Growth Strategy Exited ImmunoGen (IMGN)

ClearBridge Investments, an investment management firm, released its fourth-quarter 2022 “ClearBridge Multi Cap Growth Strategy” investor letter.  A copy of the same can be downloaded here. In the fourth quarter, the strategy outperformed the Russell 3000 Growth Index benchmark. The Strategy gained in six of the seven sectors on an absolute basis in which it was invested. Health care, industrials, and communication services sectors were the primary contributors, while IT sector detracted from performance. In addition, please check the fund’s top five holdings to know its best picks in 2022.

ClearBridge Multi Cap Growth Strategy highlighted stocks ImmunoGen, Inc. (NASDAQ:IMGN) in its Q4 2022 investor letter. Headquartered in Waltham, Massachusetts, ImmunoGen, Inc. (NASDAQ:IMGN) is a biotechnology company. On February 17, 2023, ImmunoGen, Inc. (NASDAQ:IMGN) stock closed at $4.1800 per share. One-month return of ImmunoGen, Inc. (NASDAQ:IMGN) was -10.49%, and its shares lost 17.55% of their value over the last 52 weeks. ImmunoGen, Inc. (NASDAQ:IMGN) has a market capitalization of $922.739 million.

ClearBridge Multi Cap Growth Strategy made the following comment about ImmunoGen, Inc. (NASDAQ:IMGN) in its Q4 2022 investor letter:

“During the quarter we exited a position in ImmunoGen, Inc. (NASDAQ:IMGN), a biotechnology company developing antibody-drug conjugate therapies to treat cancer. ImmunoGen received FDA approval for Elahere for ovarian cancer, however it is a relatively modest opportunity and the company still faces a long road to reach meaningful profitability. The sale is also part of our effort to consolidate the portfolio in our highest conviction ideas.”

ImmunoGen, Inc. (NASDAQ:IMGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 31 hedge fund portfolios held ImmunoGen, Inc. (NASDAQ:IMGN) at the end of the third quarter, which was 28 in the previous quarter.

We discussed ImmunoGen, Inc. (NASDAQ:IMGN) in another article and shared the list of best biotech stocks under $10. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.