IGM Biosciences (NASDAQ:IGMS) Trading Up 8% – Here’s Why

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price was up 8% during mid-day trading on Thursday . The company traded as high as $15.38 and last traded at $15.30. Approximately 45,458 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 316,233 shares. The stock had previously closed at $14.17.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on IGMS shares. Royal Bank of Canada lifted their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday. HC Wainwright decreased their price target 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 shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price objective for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. Wedbush cut their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. Finally, Guggenheim cut their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. One research 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’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $15.00.

IGM Biosciences Trading Up 4.3 %

The company has a market capitalization of $986.88 million, a price-to-earnings ratio of -3.88 and a beta of 0.21. The firm’s 50 day simple moving average is $12.92 and its 200-day simple moving average is $10.23.

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). The firm had revenue of $1.25 million during the quarter, compared to analyst estimates of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. As a group, sell-side analysts forecast that IGM Biosciences, Inc. will post -3.17 EPS for the current fiscal 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 transaction of $211,848.00. Following the sale, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now directly owns 2,000 shares in the company, valued at $28,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of the business’s 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 completion of the sale, the chief executive officer now owns 250,124 shares in the company, valued at $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. In the last ninety days, insiders have sold 21,034 shares of company stock worth $279,957. Corporate insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. purchased a new stake in shares of IGM Biosciences in the 2nd quarter worth about $187,000. AQR Capital Management LLC acquired a new position in IGM Biosciences in the 2nd quarter valued at about $84,000. Marshall Wace LLP raised its stake in IGM Biosciences by 51.6% in 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 last quarter. XTX Topco Ltd raised its stake in IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after purchasing an additional 8,467 shares during the last quarter. Finally, Renaissance Technologies LLC raised its stake in IGM Biosciences by 126.0% in the 2nd 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 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.