IGM Biosciences (NASDAQ:IGMS) Trading 13.8% Higher – Here’s What Happened

IGM Biosciences, Inc. (NASDAQ:IGMS) shot up 13.8% on Monday . The company traded as high as $10.12 and last traded at $10.12. 2,795 shares were traded during mid-day trading, a decline of 99% from the average session volume of 307,428 shares. The stock had previously closed at $8.89.

Wall Street Analysts Forecast Growth

IGMS has been the topic of several recent analyst reports. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Royal Bank of Canada increased their price objective on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Guggenheim reduced their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company 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 research note on Tuesday, October 1st. Finally, HC Wainwright dropped their price target 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, IGM Biosciences has a consensus rating of “Hold” and a consensus target price of $16.13.

IGM Biosciences Price Performance

The company has a market capitalization of $570.22 million, a P/E ratio of -2.78 and a beta of 0.20. The firm’s 50-day moving average is $14.68 and its 200-day moving average is $11.12.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The company had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. As a group, analysts forecast that IGM Biosciences, Inc. will post -3.28 EPS for the current fiscal year.

Insider Activity

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 transaction, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. The trade was a 1.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 5,902 shares of company stock valued at $68,109 in the last ninety days. Corporate insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Large investors have recently made changes to their positions in the business. Rhumbline Advisers lifted its holdings in IGM Biosciences by 13.1% in the 2nd 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. Bank of New York Mellon Corp boosted its holdings in shares of IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after purchasing an additional 4,427 shares during the last quarter. Quest Partners LLC grew its position in shares of IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after purchasing an additional 4,961 shares in the last quarter. TD Asset Management Inc increased its holdings in shares of IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after purchasing an additional 5,350 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of IGM Biosciences by 8.2% in the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock worth $1,234,000 after buying an additional 5,683 shares in the last quarter. 42.79% of the stock is currently owned by hedge funds and other 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.