IGM Biosciences (NASDAQ:IGMS) Trading 5.1% Higher

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price traded up 5.1% during trading on Monday . The stock traded as high as $12.96 and last traded at $12.93. 16,349 shares traded hands during trading, a decline of 94% from the average session volume of 296,044 shares. The stock had previously closed at $12.30.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. HC Wainwright cut their target price on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of IGM Biosciences in a research report on Thursday, August 15th. JPMorgan Chase & Co. raised their price target on shares of IGM Biosciences from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Truist Financial lowered their price target on shares of IGM Biosciences from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Friday, August 23rd. Finally, Wedbush restated an “outperform” rating and issued a $25.00 target price (up previously from $20.00) on shares of IGM Biosciences in a research note on Wednesday, August 14th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, IGM Biosciences has an average rating of “Moderate Buy” and an average price target of $16.63.

IGM Biosciences Price Performance

The firm has a market cap of $793.28 million, a PE ratio of -3.02 and a beta of 0.19. The business’s 50 day moving average price is $10.06 and its 200 day moving average price is $9.34.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The firm had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. As a group, analysts predict that IGM Biosciences, Inc. will post -3.13 earnings per share for the current year.

Insider Activity

In related news, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the completion of the sale, the director now owns 2,000 shares of the company’s stock, valued at approximately $28,000. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC raised its position in IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after purchasing an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences during the 2nd quarter worth about $84,000. XTX Topco Ltd raised its holdings in IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares during the period. EntryPoint Capital LLC acquired a new position in IGM Biosciences in the first quarter valued at about $152,000. Finally, Rhumbline Advisers boosted its stake in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares during the period. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

IGM Biosciences Company Profile

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer and autoimmune and inflammatory diseases. It develops Aplitabart, a Death Receptor 5 Agonist IgM antibody for the treatment of colorectal cancer; imvotamab, a CD20 x CD3 bispecific IgM antibody to treat myositis, as well as for the treatment of systemic lupus erythematosus and rheumatoid arthritis that is Phase Ib clinical trial; and IGM-2644, a bispecific T cell engaging IgM antibody targeting CD38 and CD3 proteins for the treatment of autoimmune diseases.