Guggenheim Trims IGM Biosciences (NASDAQ:IGMS) Target Price to $20.00

IGM Biosciences (NASDAQ:IGMS) had its target price cut by equities researchers at Guggenheim from $25.00 to $20.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s price target indicates a potential upside of 39.18% from the company’s current price.

Several other research firms have also weighed in on IGMS. Royal Bank of Canada lowered their price objective on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $12.00 to $9.00 in a research note on Tuesday. Wedbush dropped their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price target for the company from $24.00 to $12.00 in a research note on Tuesday. Finally, HC Wainwright dropped their price target on 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 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. According to MarketBeat, IGM Biosciences presently has an average rating of “Hold” and an average target price of $14.67.

IGM Biosciences Trading Down 13.1 %

IGMS stock traded down $2.17 during trading on Tuesday, hitting $14.37. The company had a trading volume of 1,193,287 shares, compared to its average volume of 320,752. The stock has a market cap of $848.17 million, a PE ratio of -3.30 and a beta of 0.19. The business has a 50-day moving average of $11.59 and a 200-day moving average of $9.72. IGM Biosciences has a one year low of $3.81 and a one year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. Research analysts forecast that IGM Biosciences will post -3.13 EPS for the current year.

Insider Transactions at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of the company’s 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 transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction 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 sale, the chief executive officer now owns 250,124 shares in the company, valued at $2,886,430.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now owns 2,000 shares of the company’s stock, valued at approximately $28,000. The disclosure for this sale can be found here. Insiders have sold 21,034 shares of company stock valued at $279,957 over the last ninety days. 57.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On IGM Biosciences

Institutional investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. bought a new stake in IGM Biosciences during the first quarter worth $758,000. Price T Rowe Associates Inc. MD grew its stake in IGM Biosciences by 19.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after purchasing an additional 628,001 shares during the period. Susquehanna Fundamental Investments LLC bought a new position in IGM Biosciences in the 1st quarter valued at $268,000. TD Asset Management Inc grew its stake in IGM Biosciences by 3.4% in the 2nd 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. Finally, Pennant Investors LP bought a new position in IGM Biosciences in the 4th quarter valued at $539,000. Institutional investors own 42.79% of the company’s stock.

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.