IGM Biosciences (NASDAQ:IGMS) Stock Price Down 3.9% – Time to Sell?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price dropped 3.9% on Monday . The company traded as low as $8.95 and last traded at $9.10. Approximately 35,468 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 308,653 shares. The stock had previously closed at $9.47.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on IGMS shares. Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. Wedbush dropped their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Royal Bank of Canada increased their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, HC Wainwright lowered their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $16.13.

IGM Biosciences Stock Down 2.6 %

The firm has a 50-day moving average of $14.89 and a two-hundred day moving average of $11.13. The company has a market capitalization of $546.93 million, a PE ratio of -2.40 and a beta of 0.20.

IGM Biosciences (NASDAQ:IGMS) last posted its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. Equities analysts predict that IGM Biosciences, Inc. will post -3.17 EPS for the current fiscal year.

Insider Transactions at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the completion of the transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. This represents a 1.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 5,902 shares of company stock valued at $68,109 in the last ninety days. 57.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IGM Biosciences

A number of large investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC purchased a new stake in shares of IGM Biosciences during the third quarter worth about $149,000. Quest Partners LLC increased its stake in IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares in the last quarter. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences during the second quarter valued at approximately $84,000. EntryPoint Capital LLC purchased a new position in shares of IGM Biosciences in the first quarter valued at approximately $152,000. Finally, XTX Topco Ltd boosted its stake in shares of IGM Biosciences by 70.9% in the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.