IGM Biosciences, Inc. (NASDAQ:IGMS) Short Interest Update

IGM Biosciences, Inc. (NASDAQ:IGMS) was the recipient of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 3,680,000 shares, a decline of 8.5% from the September 30th total of 4,020,000 shares. Approximately 17.8% of the company’s stock are short sold. Based on an average daily trading volume, of 305,300 shares, the short-interest ratio is currently 12.1 days.

IGM Biosciences Stock Down 2.6 %

Shares of IGMS stock traded down $0.46 on Thursday, reaching $17.14. The company had a trading volume of 53,692 shares, compared to its average volume of 310,402. The stock has a market capitalization of $1.02 billion, a PE ratio of -4.80 and a beta of 0.21. IGM Biosciences has a one year low of $3.81 and a one year high of $22.50. The business’s 50-day moving average is $14.10 and its 200 day moving average is $10.69.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results 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). The firm had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. On average, sell-side analysts forecast that IGM Biosciences will post -3.17 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Wedbush reduced their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, October 1st. Truist Financial downgraded shares of 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, October 1st. HC Wainwright dropped their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Guggenheim cut their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $12.00 to $9.00 in a research report 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, the company presently has a consensus rating of “Hold” and a consensus target price of $15.00.

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction on 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 5,902 shares of company stock valued at $68,109 in the last quarter. Company insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Large investors have recently bought and sold shares of the stock. Susquehanna Fundamental Investments LLC purchased a new stake in IGM Biosciences in the 1st quarter worth about $268,000. EntryPoint Capital LLC purchased a new position in shares of IGM Biosciences during the first quarter valued at approximately $152,000. Price T Rowe Associates Inc. MD increased its stake in shares of IGM Biosciences by 19.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after buying an additional 628,001 shares during the period. Baker BROS. Advisors LP grew its stake in IGM Biosciences by 10.8% in the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after purchasing an additional 397,311 shares during the period. Finally, Redmile Group LLC grew its stake in IGM Biosciences by 3.4% in the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after purchasing an additional 100,936 shares during the period. 42.79% of the stock is currently owned by 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.