IGM Biosciences, Inc. (NASDAQ:IGMS) CEO Fred Schwarzer Sells 3,946 Shares of Stock

IGM Biosciences, Inc. (NASDAQ:IGMS) CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

IGM Biosciences Stock Up 11.6 %

NASDAQ IGMS opened at $17.68 on Wednesday. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of -4.10 and a beta of 0.19. IGM Biosciences, Inc. has a twelve month low of $3.81 and a twelve month high of $22.50. The business has a 50-day moving average price of $10.45 and a 200-day moving average price of $9.39.

IGM Biosciences (NASDAQ:IGMS) last posted 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 during the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. Research analysts expect that IGM Biosciences, Inc. will post -3.13 EPS for the current fiscal year.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds have recently made changes to their positions in IGMS. Quest Partners LLC lifted its position 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 in the last quarter. AQR Capital Management LLC purchased a new stake in IGM Biosciences during the second quarter valued at approximately $84,000. XTX Topco Ltd raised its position in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after purchasing an additional 8,467 shares during the period. EntryPoint Capital LLC purchased a new stake in IGM Biosciences during the first quarter valued at approximately $152,000. Finally, Rhumbline Advisers raised 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 purchasing an additional 2,635 shares during the period. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IGMS has been the subject of several recent research reports. Truist Financial cut their price target on IGM Biosciences from $25.00 to $24.00 and set a “buy” rating for the company in a report on Friday, August 23rd. Royal Bank of Canada reissued an “outperform” rating and set a $20.00 price target on shares of IGM Biosciences in a report on Thursday, August 15th. JPMorgan Chase & Co. boosted their price target on IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Wedbush reissued an “outperform” rating and set a $25.00 price target (up previously from $20.00) on shares of IGM Biosciences in a report on Wednesday, August 14th. Finally, HC Wainwright dropped their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $16.63.

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.