Why ImmunoGen Shares Are Sinking Today

Shares of ImmunoGen (NASDAQ: IMGN) were sinking 11.1% lower as of 11:03 a.m. EST on Tuesday. The decline appears to be the result of profit-taking following the biotech's blowout fourth-quarter results announced on Friday. ImmunoGen handily beat Wall Street's top- and bottom-line estimates for Q4. It also provided full-year 2020 guidance that was above analysts' expectations.

Today's movement is only noise. For that matter, so was ImmunoGen's big jump in share price on Friday. What really matters for ImmunoGen is what matters for most biotech stocks -- achieving pipeline success.

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Source Fool.com