IGM Biosciences (NASDAQ:IGMS) Stock Price Down 4.1% After Insider Selling

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price fell 4.1% on Wednesday after an insider sold shares in the company. The stock traded as low as $16.49 and last traded at $16.96. 42,247 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 308,425 shares. The stock had previously closed at $17.68.

Specifically, CEO Fred Schwarzer sold 3,946 shares of the firm’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 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 can be accessed through this link.

Analysts Set New Price Targets

IGMS has been the subject of a number of recent research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $20.00 target price on shares of IGM Biosciences in a research note on Thursday, August 15th. Truist Financial dropped their price objective on IGM Biosciences from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Friday, August 23rd. JPMorgan Chase & Co. lifted their target price on shares of IGM Biosciences from $11.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. HC Wainwright dropped 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 report on Thursday, September 5th. Finally, Wedbush restated an “outperform” rating and issued a $25.00 price objective (up previously from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $16.63.

IGM Biosciences Stock Up 3.5 %

The firm has a market cap of $1.02 billion, a P/E ratio of -4.00 and a beta of 0.19. The firm’s fifty day moving average is $10.80 and its two-hundred day moving average is $9.50.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share 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 company had revenue of $1.25 million for the quarter, compared to the consensus estimate of $51.75 million. As a group, sell-side analysts forecast that IGM Biosciences, Inc. will post -3.13 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IGMS. Price T Rowe Associates Inc. MD raised its holdings 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 purchasing an additional 628,001 shares in the last quarter. Baker BROS. Advisors LP increased its stake in shares of IGM Biosciences by 10.8% in the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after acquiring an additional 397,311 shares in the last quarter. Redmile Group LLC lifted its position in IGM Biosciences by 3.4% during the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after acquiring an additional 100,936 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in IGM Biosciences during the first quarter worth about $758,000. Finally, Pennant Investors LP bought a new stake in IGM Biosciences during the fourth quarter worth about $539,000. Institutional investors own 42.79% of the company’s stock.

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.