Short Interest in IGM Biosciences, Inc. (NASDAQ:IGMS) Declines By 8.4%

IGM Biosciences, Inc. (NASDAQ:IGMS) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 3,370,000 shares, a decline of 8.4% from the October 15th total of 3,680,000 shares. Based on an average trading volume of 291,600 shares, the days-to-cover ratio is currently 11.6 days. Approximately 16.3% of the company’s stock are sold short.

Analyst Ratings Changes

Several research firms have commented on IGMS. Royal Bank of Canada lifted their price target on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price objective for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Wedbush dropped their price objective 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. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price target for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, Guggenheim dropped their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, IGM Biosciences has a consensus rating of “Hold” and a consensus price target of $16.13.

Insider Buying and Selling

In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. This trade represents a 1.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 5,902 shares of company stock worth $68,109 over the last 90 days. 57.00% of the stock is owned by insiders.

Hedge Funds Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Jacobs Levy Equity Management Inc. acquired a new position in shares of IGM Biosciences in the first quarter worth $758,000. Price T Rowe Associates Inc. MD increased its stake in shares of IGM Biosciences by 19.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after purchasing an additional 628,001 shares during the period. Marshall Wace LLP boosted its stake in IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after purchasing an additional 36,491 shares during the period. AQR Capital Management LLC acquired a new stake in IGM Biosciences in the 2nd quarter valued at approximately $84,000. Finally, TD Asset Management Inc increased its position in IGM Biosciences by 3.4% in the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after buying an additional 5,350 shares during the period. Institutional investors and hedge funds own 42.79% of the company’s stock.

IGM Biosciences Stock Performance

Shares of IGMS stock traded down $0.25 on Monday, hitting $9.22. The stock had a trading volume of 262,270 shares, compared to its average volume of 309,670. IGM Biosciences has a 52-week low of $4.72 and a 52-week high of $22.50. The firm has a market capitalization of $546.92 million, a price-to-earnings ratio of -2.53 and a beta of 0.20. The stock’s 50 day moving average is $14.89 and its 200-day moving average is $11.13.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. Equities analysts expect that IGM Biosciences will post -3.17 earnings per share for the current year.

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.