IGM Biosciences, Inc. (NASDAQ:IGMS) Sees Significant Decline in Short Interest

IGM Biosciences, Inc. (NASDAQ:IGMS) saw a significant decrease in short interest in the month of October. As of October 15th, there was short interest totalling 3,680,000 shares, a decrease of 8.5% from the September 30th total of 4,020,000 shares. Currently, 17.8% of the shares of the stock are short sold. Based on an average trading volume of 305,300 shares, the short-interest ratio is currently 12.1 days.

Analyst Upgrades and Downgrades

IGMS has been the subject of several research reports. 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 research note on Thursday, September 5th. Truist Financial cut IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Wedbush dropped their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Finally, Royal Bank of Canada increased their price objective on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, IGM Biosciences currently has a consensus rating of “Hold” and a consensus price target of $15.00.

Insider Buying and Selling at IGM Biosciences

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the completion of the transaction, the chief executive officer now owns 250,124 shares of the company’s stock, valued at $2,886,430.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have sold a total of 5,902 shares of company stock valued at $68,109 over the last ninety days. Corporate insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted 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 acquiring an additional 628,001 shares during the last quarter. Baker BROS. Advisors LP increased its holdings in IGM Biosciences by 10.8% in the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after buying an additional 397,311 shares during the last quarter. Redmile Group LLC raised its stake in IGM Biosciences by 3.4% in the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after buying an additional 100,936 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in IGM Biosciences during the 1st quarter worth about $758,000. Finally, Renaissance Technologies LLC boosted its position in shares of IGM Biosciences by 126.0% during the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after acquiring an additional 60,593 shares in the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

IGM Biosciences Stock Down 2.6 %

IGM Biosciences stock traded down $0.46 during mid-day trading on Thursday, reaching $17.14. 53,692 shares of the company’s stock were exchanged, compared to its average volume of 310,402. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $22.50. The company has a market cap of $1.02 billion, a P/E ratio of -4.67 and a beta of 0.21. The company has a fifty day moving average of $14.10 and a 200-day moving average of $10.69.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data 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 net margin of 7,571.35% and a negative return on equity of 119.02%. The company had revenue of $1.25 million during the quarter, compared to analyst estimates of $51.75 million. Equities research analysts expect that IGM Biosciences will post -3.17 earnings per share for the current fiscal 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.