Insider Selling: IGM Biosciences, Inc. (NASDAQ:IGMS) CEO Sells $12,775.84 in Stock

IGM Biosciences, Inc. (NASDAQ:IGMS) CEO Mary Beth Harler sold 1,708 shares of IGM Biosciences stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $7.48, for a total transaction of $12,775.84. Following the transaction, the chief executive officer now owns 347,032 shares of the company’s stock, valued at $2,595,799.36. The trade was a 0.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

IGM Biosciences Stock Performance

IGMS opened at $6.90 on Friday. The company’s 50-day simple moving average is $12.06 and its two-hundred day simple moving average is $11.06. The stock has a market capitalization of $410.30 million, a P/E ratio of -1.90 and a beta of 0.08. IGM Biosciences, Inc. has a 52-week low of $6.17 and a 52-week high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued 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). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The company had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.23 million. Research analysts forecast that IGM Biosciences, Inc. will post -3.33 EPS for the current fiscal year.

Hedge Funds Weigh In On IGM Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers increased its position in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after acquiring an additional 2,635 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of IGM Biosciences by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after purchasing an additional 4,427 shares during the period. Quest Partners LLC boosted its holdings in shares of IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares during the last quarter. TD Asset Management Inc grew its position in IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares during the period. Finally, The Manufacturers Life Insurance Company increased its holdings in IGM Biosciences by 8.2% during the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after buying an additional 5,683 shares during the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Royal Bank of Canada lifted their price objective on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Stifel Nicolaus lifted their price target on IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price target for the stock from $24.00 to $12.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Finally, Guggenheim dropped their target price on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $17.75.

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.