IGM Biosciences (NASDAQ:IGMS) Stock Price Down 8.2% – Here’s What Happened

IGM Biosciences, Inc. (NASDAQ:IGMS) dropped 8.2% on Thursday . The company traded as low as $8.49 and last traded at $8.49. Approximately 84,740 shares traded hands during trading, a decline of 72% from the average daily volume of 301,280 shares. The stock had previously closed at $9.25.

Analysts Set New Price Targets

IGMS has been the topic of a number of research reports. Stifel Nicolaus boosted their target price on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. BMO Capital Markets assumed coverage on shares of IGM Biosciences in a research note on Friday, December 6th. They set an “outperform” rating and a $21.00 target price on the stock. Wedbush reduced their price objective 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. Guggenheim reduced their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Finally, HC Wainwright reduced their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $16.67.

IGM Biosciences Price Performance

The firm has a market cap of $426.36 million, a price-to-earnings ratio of -1.97 and a beta of 0.08. The firm’s fifty day moving average is $12.75 and its 200-day moving average is $11.11.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million during the quarter, compared to analyst estimates 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, equities research analysts anticipate that IGM Biosciences, Inc. will post -3.33 EPS for the current year.

Hedge Funds Weigh In On IGM Biosciences

Several institutional investors have recently made changes to their positions in the stock. State Street Corp raised its holdings in shares of IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after purchasing an additional 12,174 shares during the period. Geode Capital Management LLC raised its holdings in shares of IGM Biosciences by 7.6% during the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after purchasing an additional 28,118 shares during the period. TD Asset Management Inc raised its holdings in shares of IGM Biosciences by 3.4% during 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 during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of IGM Biosciences by 12.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock valued at $2,455,000 after purchasing an additional 16,072 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in shares of IGM Biosciences by 126.0% during the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares during the period. 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.