IGM Biosciences (NASDAQ:IGMS) Stock Price Up 3.8%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price traded up 3.8% during trading on Tuesday . The stock traded as high as $10.00 and last traded at $9.95. 111,293 shares traded hands during trading, a decline of 64% from the average session volume of 312,228 shares. The stock had previously closed at $9.59.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on IGMS shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 target price on shares of IGM Biosciences in a report on Thursday, August 15th. Wedbush restated an “outperform” rating and issued a $25.00 price objective (up previously from $20.00) on shares of IGM Biosciences in a research note on Wednesday, August 14th. HC Wainwright reiterated a “neutral” rating and set a $12.00 target price on shares of IGM Biosciences in a research note on Friday, May 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of IGM Biosciences from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, IGM Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $16.88.

IGM Biosciences Price Performance

The company’s fifty day simple moving average is $8.83 and its 200 day simple moving average is $9.82. The firm has a market capitalization of $638.05 million, a PE ratio of -2.52 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. The company had revenue of $1.25 million for the quarter, compared to the consensus estimate of $51.75 million. On average, analysts anticipate that IGM Biosciences, Inc. will post -2.31 earnings per share for the current fiscal year.

Insider Transactions at IGM Biosciences

In related news, CEO Fred Schwarzer sold 4,164 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $7.58, for a total transaction of $31,563.12. Following the completion of the transaction, the chief executive officer now owns 254,070 shares of the company’s stock, valued at $1,925,850.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction dated Thursday, July 25th. The stock was 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 in the company, valued at approximately $28,000. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Fred Schwarzer sold 4,164 shares of the business’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $7.58, for a total value of $31,563.12. Following the transaction, the chief executive officer now directly owns 254,070 shares of the company’s stock, valued at approximately $1,925,850.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,361 shares of company stock valued at $259,064. 57.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds have recently bought and sold shares of the stock. Quest Partners LLC raised its position in shares of IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares in the last quarter. AQR Capital Management LLC bought a new stake in IGM Biosciences during the second quarter worth about $84,000. XTX Topco Ltd boosted its holdings in shares of IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after purchasing an additional 8,467 shares in the last quarter. EntryPoint Capital LLC bought a new position in shares of IGM Biosciences during the 1st quarter valued at about $152,000. Finally, Rhumbline Advisers increased its position in shares of IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors.

About IGM Biosciences

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.