Penny Stocks To Buy [or sell] #3: ImmunoGen
ImmunoGen (IMGN – Free Report) held its 3-day uptrend on Wednesday as shares pushed to highs of the week at $5.14. If you’re a long-time reader then you’ve seen IMGN over the last 6 months. We first started following this company back in June of 2019 where, at the time, it traded around $2. Since then, we’ve watched as the biotech penny stock rallied to highs of nearly $6 in December. After pulling back a bit this year, shares have once again begun to head higher starting this week.
At the start of the week, the company announced that it closed a $104.2 million offering done at $4.25. Since then the stock has been in an uptrend. The company has focused on advancing its cancer therapy pipeline. This funding will add to its current capital to fund operations.
The company’s technology platform has been the basis for a number of high-value partnerships for the company. This includes the first-ever ADC approved as a treatment option for HER2-positive breast cancer marketed by Roche, called Kadcyla®. In addition to Roche, we have ADC technology deals in place with Amgen, Bayer, Biotest, Sanofi, and Takeda.