Q3 2024 Earnings Forecast for IGM Biosciences, Inc. (NASDAQ:IGMS) Issued By Wedbush

IGM Biosciences, Inc. (NASDAQ:IGMS) – Analysts at Wedbush raised their Q3 2024 earnings per share estimates for shares of IGM Biosciences in a research note issued on Tuesday, October 1st. Wedbush analyst R. Driscoll now anticipates that the company will earn ($0.83) per share for the quarter, up from their previous estimate of ($0.84). Wedbush currently has a “Outperform” rating and a $22.00 target price on the stock. The consensus estimate for IGM Biosciences’ current full-year earnings is ($3.13) per share. Wedbush also issued estimates for IGM Biosciences’ Q4 2024 earnings at ($0.71) EPS, FY2024 earnings at ($3.16) EPS, Q1 2025 earnings at ($0.46) EPS, FY2025 earnings at ($1.64) EPS, FY2026 earnings at ($1.25) EPS, FY2027 earnings at ($1.58) EPS and FY2028 earnings at ($1.74) EPS.

A number of other equities analysts also recently weighed in on IGMS. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $12.00 to $9.00 in a research note on Tuesday. Royal Bank of Canada lowered their price objective on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and dropped their target price for the stock from $24.00 to $12.00 in a report on Tuesday. HC Wainwright reduced their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Finally, Guggenheim dropped their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.67.

IGM Biosciences Price Performance

Shares of IGM Biosciences stock opened at $15.41 on Thursday. IGM Biosciences has a 1 year low of $3.81 and a 1 year high of $22.50. The firm has a market cap of $909.56 million, a price-to-earnings ratio of -3.58 and a beta of 0.21. The company has a 50-day moving average of $11.83 and a 200 day moving average of $9.85.

IGM Biosciences (NASDAQ:IGMS) last posted 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 return on equity of 119.02% and a negative net margin of 7,571.35%. The firm had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC increased its stake in shares of IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares in the last quarter. AQR Capital Management LLC purchased a new stake in IGM Biosciences in the second quarter worth about $84,000. EntryPoint Capital LLC bought a new position in shares of IGM Biosciences in the first quarter worth about $152,000. XTX Topco Ltd lifted its position in shares of IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares in the last quarter. Finally, Rhumbline Advisers grew its stake 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 acquiring an additional 2,635 shares during the period. 42.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total transaction of $45,536.84. Following the sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at $2,886,430.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now owns 2,000 shares of the company’s stock, valued at approximately $28,000. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 21,034 shares of company stock valued at $279,957. 57.00% of the stock is owned by insiders.

IGM Biosciences Company Profile

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.