IGM Biosciences (NASDAQ:IGMS) Stock Price Down 6.8%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price fell 6.8% on Thursday . The company traded as low as $15.27 and last traded at $15.29. 197,606 shares changed hands during mid-day trading, a decline of 37% from the average session volume of 313,030 shares. The stock had previously closed at $16.41.

Wall Street Analysts Forecast Growth

IGMS has been the topic of a number of analyst reports. 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. Wedbush reissued an “outperform” rating and issued a $25.00 target price (up from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. Royal Bank of Canada restated an “outperform” rating and issued a $20.00 price target on shares of IGM Biosciences in a research report on Thursday, August 15th. Truist Financial lowered their price objective on shares of IGM Biosciences from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. increased their target price on IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, IGM Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.63.

IGM Biosciences Stock Performance

The business’s 50 day simple moving average is $11.47 and its 200-day simple moving average is $9.68. The company has a market cap of $1.00 billion, a price-to-earnings ratio of -3.94 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results 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 analysts’ expectations of $51.75 million. Research analysts expect that IGM Biosciences, Inc. will post -3.13 earnings per share for the current year.

Insider Buying and Selling

In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences 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 completion of the sale, the director now directly owns 2,000 shares in the company, valued at $28,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Fred Schwarzer sold 3,946 shares of the 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 owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the director now owns 2,000 shares of the company’s stock, valued at $28,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,034 shares of company stock worth $279,957. Insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Institutional investors have recently modified their holdings of the company. Pennant Investors LP acquired a new position in IGM Biosciences in the 4th quarter valued at $539,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of IGM Biosciences in the first quarter valued at about $268,000. EntryPoint Capital LLC bought a new position in shares of IGM Biosciences in the first quarter worth about $152,000. Price T Rowe Associates Inc. MD lifted its position in shares of IGM Biosciences by 19.3% during the 1st 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 during the last quarter. Finally, Baker BROS. Advisors LP boosted its stake in IGM Biosciences by 10.8% during the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after purchasing an additional 397,311 shares during the period. 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.