Quick Win By the Algorithm: IMGN Making A Move
Quick Win By the Algorithm
On February 24, 2017, the I Know First algorithm had predicted a bullish forecast for ImmunoGen, Inc. (IMGN). IMGN had a signal of 60.93 and a predictability of 0.11. Therefore, in accordance with the Quick Win By the Algorithm, the company reported gain of 25.67% in just 3 days.
ImmunoGen, Inc. (IMGN), a biotechnology company, develops targeted anticancer therapeutics. The company develops its products using its antibody-drug conjugate (ADC) technology.
ImmunoGen Inc. (IMGN) have collaborated with big healthcare companies, which not only validate their technology but also gives them funds in the form of royalty and other payments. Additionally, the companies main segment are targeting ovarian cancer, which has huge potential.
According to Zacks Investment Research, the company went from a “sell” to a “buy” rating, with IMGN looking to pursue some of their developments. Perhaps, another reason for the stock’s increase is investor’s speculation for IMGN to present at the upcoming Society of Gynecologic Oncology’s Annual Meeting of Women’s Cancer. As a result, the stock moved from $2.74 to $3.28 jumping up by 21.03%. The approval and development of its mirvetuximab soravtansine (platinum-resistant ovarian cancer), is pivotal for ImmunoGen.
This bullish forecast on IMGN was sent to current I Know First subscribers on February 24, 2017.
Before making any trading decisions, consult the latest forecast as the algorithm constantly updates predictions daily. While the algorithm can be used for intra-day trading the predictability tends to become stronger with forecasts over longer time-horizons such as the 1-month, 3-month and 1-year forecasts.
