IGM Biosciences (NASDAQ:IGMS) Stock Price Up 6.2% – Time to Buy?

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) rose 6.2% during mid-day trading on Monday . The company traded as high as $10.74 and last traded at $10.66. Approximately 206,237 shares were traded during trading, a decline of 33% from the average daily volume of 306,053 shares. The stock had previously closed at $10.04.

Analyst Ratings Changes

IGMS has been the subject of a number of recent analyst reports. Wedbush decreased their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price target for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. HC Wainwright reduced their target price 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. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Finally, Stifel Nicolaus increased their target price on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $16.13.

IGM Biosciences Price Performance

The stock has a market cap of $641.62 million, a P/E ratio of -2.96 and a beta of 0.20. The business’s 50 day simple moving average is $14.00 and its 200 day simple moving average is $11.13.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The business had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. Research analysts predict that IGM Biosciences, Inc. will post -3.33 earnings per share for the current year.

Insider Transactions at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s 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 owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. This trade represents a 1.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 5,902 shares of company stock valued at $68,109. Corporate insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

Several hedge funds have recently modified their holdings of the company. Rhumbline Advisers increased its holdings in shares of IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of IGM Biosciences by 8.9% in the second 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 in the last quarter. Quest Partners LLC increased its holdings in shares of IGM Biosciences by 71.4% in 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 valued at $1,130,000 after purchasing an additional 5,350 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings 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 valued at $1,234,000 after purchasing an additional 5,683 shares in the last quarter. Institutional investors and hedge funds 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.