Brokerages Set IGM Biosciences, Inc. (NASDAQ:IGMS) PT at $15.00

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have been assigned an average rating of “Hold” from the nine brokerages that are presently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. The average 1-year price target among brokers that have issued ratings on the stock in the last year is $15.00.

Several research firms have recently weighed in on IGMS. HC Wainwright decreased their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and decreased their target price for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. Royal Bank of Canada upped their target price on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Wedbush dropped their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Finally, Guggenheim reduced their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 1st.

IGM Biosciences Stock Performance

IGMS stock opened at $17.60 on Friday. The stock’s 50 day simple moving average is $14.10 and its 200 day simple moving average is $10.69. IGM Biosciences has a fifty-two week low of $3.81 and a fifty-two week high of $22.50. The company has a market cap of $1.04 billion, a P/E ratio of -4.80 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last posted its 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 firm had revenue of $1.25 million for the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. Equities analysts predict that IGM Biosciences will post -3.17 earnings per share for the current year.

Insider Buying and Selling at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 5,902 shares of company stock worth $68,109 over the last three months. Insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

A number of large investors have recently bought and sold shares of IGMS. Jacobs Levy Equity Management Inc. purchased a new stake in IGM Biosciences in the 1st quarter worth approximately $758,000. Price T Rowe Associates Inc. MD raised 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 period. Susquehanna Fundamental Investments LLC acquired a new stake in IGM Biosciences in the first quarter worth $268,000. Marshall Wace LLP lifted its stake in IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after buying an additional 36,491 shares during the last quarter. Finally, AQR Capital Management LLC bought a new position in shares of IGM Biosciences during the second quarter worth about $84,000. Hedge funds and other 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.