IGM Biosciences (NASDAQ:IGMS) Stock Price Down 7.4% on Analyst Downgrade

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) fell 7.4% during trading on Wednesday after Guggenheim lowered their price target on the stock from $25.00 to $20.00. Guggenheim currently has a buy rating on the stock. IGM Biosciences traded as low as $13.41 and last traded at $13.43. 61,664 shares were traded during mid-day trading, a decline of 81% from the average session volume of 321,265 shares. The stock had previously closed at $14.50.

Several other brokerages have also recently weighed in on IGMS. Royal Bank of Canada decreased their price objective on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a report on Tuesday. Wedbush reduced their price target on IGM Biosciences from $25.00 to $22.00 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 lowered their price target for the stock from $12.00 to $9.00 in a research report on Tuesday. Truist Financial cut 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 research note on Tuesday. Finally, HC Wainwright decreased their target price 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. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, IGM Biosciences currently has a consensus rating of “Hold” and an average target price of $14.67.

Insider Activity

In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences 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 completion of the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the company’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 transaction, the director now owns 2,000 shares in the company, valued at approximately $28,000. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Fred Schwarzer sold 3,946 shares of the firm’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 sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The disclosure for this sale can be found here. Insiders sold a total of 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

Several institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC increased its position in IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences in the second quarter valued at about $84,000. XTX Topco Ltd increased its position in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 shares during the period. EntryPoint Capital LLC acquired a new stake in IGM Biosciences in the 1st quarter worth about $152,000. Finally, Rhumbline Advisers raised its stake in IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares in the last quarter. 42.79% of the stock is currently owned by institutional investors.

IGM Biosciences Stock Performance

The stock’s fifty day simple moving average is $11.69 and its 200-day simple moving average is $9.78. The stock has a market cap of $849.95 million, a P/E ratio of -3.34 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 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 the consensus estimate of $51.75 million. As a group, equities research analysts forecast that IGM Biosciences, Inc. will post -3.13 earnings per share for the current year.

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.