Rhumbline Advisers Purchases 2,635 Shares of IGM Biosciences, Inc. (NASDAQ:IGMS)

Rhumbline Advisers boosted its position in IGM Biosciences, Inc. (NASDAQ:IGMS) by 13.1% in the 2nd quarter, Holdings Channel reports. The firm owned 22,726 shares of the company’s stock after buying an additional 2,635 shares during the quarter. Rhumbline Advisers’ holdings in IGM Biosciences were worth $156,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Bank of New York Mellon Corp grew its position in IGM Biosciences by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after acquiring an additional 4,427 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of IGM Biosciences in the first quarter worth about $152,000. Susquehanna Fundamental Investments LLC purchased a new position in IGM Biosciences during the first quarter valued at approximately $268,000. Pennant Investors LP bought a new position in IGM Biosciences in the fourth quarter worth approximately $539,000. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in IGM Biosciences during the first quarter worth $758,000. Hedge funds and other institutional investors own 42.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on IGMS shares. HC Wainwright cut their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Wedbush reissued an “outperform” rating and set a $25.00 price target (up from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. JPMorgan Chase & Co. boosted their price objective 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. Royal Bank of Canada restated an “outperform” rating and issued a $20.00 target price on shares of IGM Biosciences in a research note on Thursday, August 15th. Finally, Truist Financial cut their price target on shares of IGM Biosciences from $25.00 to $24.00 and set a “buy” rating on the stock in a 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. Based on data from MarketBeat, IGM Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $16.63.

IGM Biosciences Stock Performance

NASDAQ IGMS opened at $17.00 on Monday. The firm has a market capitalization of $1.00 billion, a P/E ratio of -3.94 and a beta of 0.19. The stock has a 50-day simple moving average of $11.47 and a two-hundred day simple moving average of $9.68. IGM Biosciences, Inc. has a fifty-two week low of $3.81 and a fifty-two week high of $22.50.

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

Insider Activity

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

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.