IGM Biosciences (NASDAQ:IGMS) Trading Up 7.7% – Here’s What Happened

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price was up 7.7% during trading on Monday . The stock traded as high as $18.14 and last traded at $18.14. Approximately 13,906 shares traded hands during trading, a decline of 96% from the average daily volume of 313,242 shares. The stock had previously closed at $16.84.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their target price for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. Guggenheim lowered their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Royal Bank of Canada boosted their target price on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, Wedbush dropped their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, IGM Biosciences currently has an average rating of “Hold” and an average target price of $15.00.

IGM Biosciences Trading Up 7.5 %

The company has a market capitalization of $1.07 billion, a PE ratio of -4.91 and a beta of 0.21. The stock has a fifty day moving average of $13.66 and a two-hundred day moving average of $10.52.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. The business had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. Equities analysts forecast that IGM Biosciences, Inc. will post -3.17 EPS for the current year.

Insider Buying and Selling at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 5,902 shares of company stock worth $68,109 over the last three months. Company insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in IGMS. Jacobs Levy Equity Management Inc. bought a new stake in IGM Biosciences in the 1st quarter worth $758,000. Price T Rowe Associates Inc. MD grew its stake in shares of IGM Biosciences by 19.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after purchasing an additional 628,001 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in IGM Biosciences during the 1st quarter valued at about $268,000. Marshall Wace LLP increased its holdings in IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after purchasing an additional 36,491 shares during the period. Finally, AQR Capital Management LLC bought a new position in IGM Biosciences during the 2nd quarter valued at approximately $84,000. 42.79% of the stock is owned by hedge funds and other 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.