Royal Bank of Canada Boosts IGM Biosciences (NASDAQ:IGMS) Price Target to $20.00

IGM Biosciences (NASDAQ:IGMS) had its target price boosted by Royal Bank of Canada from $17.00 to $20.00 in a research report report published on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

Several other research analysts also recently commented on the stock. Wedbush cut 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. HC Wainwright dropped their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Guggenheim dropped their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, IGM Biosciences currently has a consensus rating of “Hold” and an average target price of $15.00.

IGM Biosciences Stock Up 4.3 %

Shares of IGMS stock opened at $16.72 on Friday. The company has a 50 day moving average of $12.92 and a 200-day moving average of $10.23. IGM Biosciences has a 12-month low of $3.81 and a 12-month high of $22.50. The firm has a market cap of $986.88 million, a P/E ratio of -3.88 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.97). IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. The company had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. As a group, equities analysts expect that IGM Biosciences will post -3.17 EPS for the current year.

Insiders Place Their Bets

In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the sale, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the completion of the sale, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,034 shares of company stock valued at $279,957 over the last three months. Insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

Institutional investors have recently modified their holdings of the company. Jacobs Levy Equity Management Inc. purchased a new stake in shares of IGM Biosciences during the first quarter worth about $758,000. Price T Rowe Associates Inc. MD raised its stake in 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 buying an additional 628,001 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new position in IGM Biosciences in the first quarter worth about $268,000. Marshall Wace LLP raised its stake in IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after buying an additional 36,491 shares in the last quarter. Finally, TD Asset Management Inc raised its stake in 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 buying an additional 5,350 shares in the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

IGM Biosciences Company Profile

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.