IGM Biosciences (NASDAQ:IGMS) Stock Price Expected to Rise, Stifel Nicolaus Analyst Says

IGM Biosciences (NASDAQ:IGMS) had its price target raised by Stifel Nicolaus from $25.00 to $27.00 in a research note released on Monday,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms also recently commented on IGMS. HC Wainwright dropped their price objective 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. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price target for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Guggenheim reduced their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Royal Bank of Canada boosted their target price on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Finally, Wedbush cut their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, IGM Biosciences currently has a consensus rating of “Hold” and an average target price of $15.22.

IGM Biosciences Stock Performance

NASDAQ IGMS opened at $10.10 on Monday. IGM Biosciences has a 52-week low of $4.72 and a 52-week high of $22.50. The company has a 50-day simple moving average of $14.89 and a 200 day simple moving average of $11.12.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. As a group, analysts anticipate that IGM Biosciences will post -3.17 earnings per share for the current year.

Insider Buying and Selling

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. The trade was a 1.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 5,902 shares of company stock worth $68,109 over the last ninety days. 57.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IGM Biosciences

Institutional investors have recently made changes to their positions in the stock. Quest Partners LLC grew its position in IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after acquiring an additional 4,961 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of IGM Biosciences during the 2nd quarter valued at about $84,000. XTX Topco Ltd raised its holdings 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. MetLife Investment Management LLC bought a new stake in IGM Biosciences in the 3rd quarter worth approximately $149,000. Finally, EntryPoint Capital LLC purchased a new stake in IGM Biosciences in the first quarter worth approximately $152,000. Institutional investors own 42.79% of the company’s stock.

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.