IGM Biosciences, Inc. (NASDAQ:IGMS) Short Interest Up 9.7% in March

IGM Biosciences, Inc. (NASDAQ:IGMS) saw a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 5,220,000 shares, an increase of 9.7% from the March 15th total of 4,760,000 shares. Based on an average daily trading volume, of 281,700 shares, the days-to-cover ratio is currently 18.5 days. Currently, 25.1% of the company’s shares are short sold.

Insiders Place Their Bets

In other IGM Biosciences news, Director Bros. Advisors Lp Baker acquired 270,000 shares of the company’s stock in a transaction dated Tuesday, March 26th. The shares were acquired at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the purchase, the director now owns 3,638,533 shares of the company’s stock, valued at approximately $30,054,282.58. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Misbah Tahir sold 2,897 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $28,622.36. Following the completion of the sale, the chief financial officer now directly owns 92,961 shares of the company’s stock, valued at approximately $918,454.68. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Bros. Advisors Lp Baker acquired 270,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 26th. The stock was bought at an average cost of $8.26 per share, for a total transaction of $2,230,200.00. Following the completion of the transaction, the director now directly owns 3,638,533 shares in the company, valued at approximately $30,054,282.58. The disclosure for this purchase can be found here. Insiders sold a total of 8,191 shares of company stock worth $80,927 over the last ninety days. 56.91% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the business. Ensign Peak Advisors Inc boosted its stake in IGM Biosciences by 27.7% in the third quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock valued at $43,000 after buying an additional 410 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of IGM Biosciences by 5.1% in the third quarter. California State Teachers Retirement System now owns 12,429 shares of the company’s stock worth $283,000 after acquiring an additional 606 shares during the last quarter. American International Group Inc. boosted its stake in shares of IGM Biosciences by 15.0% in the 2nd quarter. American International Group Inc. now owns 4,684 shares of the company’s stock valued at $84,000 after purchasing an additional 612 shares in the last quarter. UBS Group AG grew its holdings in shares of IGM Biosciences by 21.5% during the 1st quarter. UBS Group AG now owns 4,808 shares of the company’s stock valued at $66,000 after purchasing an additional 850 shares during the last quarter. Finally, Northern Trust Corp increased its position in IGM Biosciences by 0.7% during the 4th quarter. Northern Trust Corp now owns 136,796 shares of the company’s stock worth $1,137,000 after purchasing an additional 1,013 shares in the last quarter. Institutional investors own 42.79% of the company’s stock.

IGM Biosciences Price Performance

NASDAQ:IGMS opened at $9.84 on Wednesday. The stock has a 50 day simple moving average of $11.49 and a 200 day simple moving average of $8.73. IGM Biosciences has a 1-year low of $3.81 and a 1-year high of $17.70.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Thursday, March 7th. The company reported ($1.01) EPS for the quarter, beating the consensus estimate of ($1.06) by $0.05. The company had revenue of $0.65 million during the quarter, compared to analysts’ expectations of $0.95 million. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. On average, research analysts forecast that IGM Biosciences will post -3.23 earnings per share for the current year.

Analyst Ratings Changes

Separately, Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $9.00 to $21.00 in a research report on Friday, February 9th. Four equities research 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 $16.89.

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.