IGM Biosciences, Inc. (NASDAQ:IGMS) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have been assigned an average rating of “Moderate Buy” from the eight analysts that are currently covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $16.63.

Several equities analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $20.00 price objective on shares of IGM Biosciences in a research report on Thursday, August 15th. Truist Financial dropped their target price 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. Wedbush reiterated an “outperform” rating and set a $25.00 price target (up previously from $20.00) on shares of IGM Biosciences in a report on Wednesday, August 14th. Finally, HC Wainwright dropped their price objective 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.

IGM Biosciences Price Performance

Shares of NASDAQ:IGMS opened at $16.54 on Tuesday. The company’s 50-day moving average price is $11.59 and its two-hundred day moving average price is $9.72. IGM Biosciences has a one year low of $3.81 and a one year high of $22.50. The stock has a market capitalization of $976.26 million, a PE ratio of -3.84 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). The company had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. On average, analysts anticipate that IGM Biosciences will post -3.13 earnings per share for the current fiscal year.

Insider Activity

In related news, 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 value of $211,848.00. Following the completion of the sale, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were 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 transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction dated 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 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. Over the last quarter, insiders have sold 21,034 shares of company stock valued at $279,957. 57.00% of the stock is owned by insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in IGMS. Rhumbline Advisers increased its stake in IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after acquiring an additional 2,635 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after purchasing an additional 4,427 shares in the last quarter. Quest Partners LLC raised its stake in IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after purchasing an additional 4,961 shares in the last quarter. TD Asset Management Inc raised its stake in IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after purchasing an additional 5,350 shares in the last quarter. Finally, XTX Topco Ltd lifted 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 purchasing an additional 8,467 shares during the period. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.