IGM Biosciences (NASDAQ:IGMS) Stock Price Up 2.7%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price shot up 2.7% during mid-day trading on Wednesday . The stock traded as high as $17.35 and last traded at $17.35. 19,726 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 312,124 shares. The stock had previously closed at $16.89.

Wall Street Analyst Weigh In

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

IGM Biosciences Price Performance

The stock has a 50 day moving average of $11.34 and a two-hundred day moving average of $9.64. The stock has a market capitalization of $940.82 million, a PE ratio of -3.68 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The company had revenue of $1.25 million during the quarter, compared to analysts’ expectations 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, research analysts predict that IGM Biosciences, Inc. will post -3.13 earnings per share for the current fiscal year.

Insider Transactions at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at $28,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $11.54, for a total transaction of $45,536.84. Following the sale, the chief executive officer now directly 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 have sold 21,034 shares of company stock valued at $279,957 in the last quarter. 57.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On IGM Biosciences

Large investors have recently modified their holdings of the company. Quest Partners LLC lifted its holdings in shares of IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after acquiring an additional 4,961 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of IGM Biosciences during the second quarter worth about $84,000. XTX Topco Ltd grew its position in shares of IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 shares in the last quarter. EntryPoint Capital LLC bought a new stake in IGM Biosciences during the first quarter valued at $152,000. Finally, Rhumbline Advisers grew its position in shares of IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after buying an additional 2,635 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.