IGM Biosciences (NASDAQ:IGMS) Price Target Raised to $20.00

IGM Biosciences (NASDAQ:IGMS) had its target price hoisted by investment analysts at Royal Bank of Canada from $17.00 to $20.00 in a research note issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 24.77% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Guggenheim dropped their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and cut their price objective for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. Wedbush lowered their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. HC Wainwright cut their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Finally, JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $15.00.

IGM Biosciences Stock Up 13.1 %

IGM Biosciences stock opened at $16.03 on Friday. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $22.50. The company has a 50 day moving average of $12.75 and a 200-day moving average of $10.18. The stock has a market capitalization of $946.15 million, a PE ratio of -3.72 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results 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 net margin of 7,571.35% and a negative return on equity of 119.02%. The firm had revenue of $1.25 million during the quarter, compared to analyst estimates of $51.75 million. Equities analysts anticipate that IGM Biosciences will post -3.17 EPS for the current fiscal year.

Insider Transactions at IGM Biosciences

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

Hedge Funds Weigh In On IGM Biosciences

Several large investors have recently bought and sold shares of IGMS. Quest Partners LLC lifted its position 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 during the period. AQR Capital Management LLC bought a new stake in shares of IGM Biosciences during the 2nd quarter valued at about $84,000. EntryPoint Capital LLC bought a new stake in shares of IGM Biosciences during the 1st quarter valued at about $152,000. XTX Topco Ltd grew its stake in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after purchasing an additional 8,467 shares during the period. Finally, Rhumbline Advisers increased its holdings in IGM Biosciences by 13.1% in the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares in the last quarter. 42.79% of the stock is currently owned by institutional investors.

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.