IGM Biosciences (NASDAQ:IGMS) Trading Down 3.2%

IGM Biosciences, Inc. (NASDAQ:IGMSGet Free Report) fell 3.2% during mid-day trading on Wednesday . The stock traded as low as $8.85 and last traded at $8.85. 3,602 shares were traded during mid-day trading, a decline of 99% from the average session volume of 287,504 shares. The stock had previously closed at $9.14.

Analyst Ratings Changes

Several research firms recently issued reports on IGMS. Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $9.00 to $21.00 in a research note on Friday, February 9th. Bank of America cut IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 price objective on the stock. in a research report on Friday, December 15th. Finally, HC Wainwright cut IGM Biosciences from a “buy” rating to a “neutral” rating and cut their price objective for the company from $11.00 to $7.00 in a research report on Thursday, December 7th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.80.

Read Our Latest Stock Analysis on IGMS

IGM Biosciences Stock Performance

The business has a 50-day moving average price of $11.94 and a 200 day moving average price of $8.64. The stock has a market capitalization of $533.23 million, a P/E ratio of -1.90 and a beta of 0.26.

IGM Biosciences (NASDAQ:IGMSGet Free Report) last announced its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.05. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. The company had revenue of $0.65 million during the quarter, compared to analyst estimates of $0.95 million. As a group, research analysts forecast that IGM Biosciences, Inc. will post -3.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 4,765 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total value of $47,078.20. Following the completion of the transaction, the chief executive officer now directly owns 220,833 shares in the company, valued at approximately $2,181,830.04. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Bros. Advisors Lp Baker bought 270,000 shares of the firm’s stock in a transaction on Tuesday, March 26th. The stock was acquired at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the purchase, the director now owns 3,638,533 shares in the company, valued at $30,054,282.58. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Fred Schwarzer sold 4,765 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $47,078.20. Following the sale, the chief executive officer now owns 220,833 shares of the company’s stock, valued at $2,181,830.04. The disclosure for this sale can be found here. Insiders sold a total of 8,191 shares of company stock worth $80,927 in the last three months. Insiders own 56.91% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC purchased a new stake in IGM Biosciences during the 2nd quarter valued at $26,000. Cubist Systematic Strategies LLC purchased a new position in IGM Biosciences during the first quarter valued at approximately $30,000. Nisa Investment Advisors LLC increased its holdings in IGM Biosciences by 7,258.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock valued at $32,000 after buying an additional 3,847 shares during the period. Citigroup Inc. grew its holdings in IGM Biosciences by 370.7% in the second quarter. Citigroup Inc. now owns 4,382 shares of the company’s stock worth $40,000 after purchasing an additional 3,451 shares during the last quarter. Finally, Ensign Peak Advisors Inc grew its holdings in IGM Biosciences by 27.7% in the third quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock worth $43,000 after purchasing an additional 410 shares during the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

IGM Biosciences Company Profile

(Get Free Report)

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.

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