Short Interest in IGM Biosciences, Inc. (NASDAQ:IGMS) Decreases By 19.3%

IGM Biosciences, Inc. (NASDAQ:IGMS) was the target of a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 928,300 shares, a decrease of 19.3% from the February 28th total of 1,150,000 shares. Currently, 5.7% of the company’s shares are sold short. Based on an average daily volume of 448,700 shares, the days-to-cover ratio is presently 2.1 days.

Institutional Trading of IGM Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. China Universal Asset Management Co. Ltd. purchased a new stake in shares of IGM Biosciences in the 4th quarter valued at approximately $44,000. MetLife Investment Management LLC acquired a new position in shares of IGM Biosciences during the third quarter worth $149,000. Barclays PLC increased its holdings in IGM Biosciences by 48.4% in the third quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after buying an additional 7,027 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in IGM Biosciences in the fourth quarter valued at $184,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in IGM Biosciences during the 4th quarter worth about $222,000. Institutional investors and hedge funds own 42.79% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on IGMS shares. BMO Capital Markets restated a “market perform” rating and issued a $2.00 price objective (down from $21.00) on shares of IGM Biosciences in a report on Friday, January 10th. Truist Financial reduced their price target on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating on the stock in a research note on Friday, January 10th. Guggenheim cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday, January 10th. JPMorgan Chase & Co. raised IGM Biosciences from an “underweight” rating to a “neutral” rating in a research report on Monday, January 13th. Finally, Jefferies Financial Group restated a “hold” rating and set a $2.00 price target (down from $48.00) on shares of IGM Biosciences in a research note on Friday, January 10th. One investment analyst has rated the stock with a sell rating and nine have given a hold rating to the company. According to MarketBeat, IGM Biosciences currently has a consensus rating of “Hold” and a consensus price target of $5.50.

IGM Biosciences Price Performance

Shares of NASDAQ IGMS remained flat at $1.15 during mid-day trading on Tuesday. The stock had a trading volume of 251,802 shares, compared to its average volume of 338,969. The stock has a market cap of $68.74 million, a P/E ratio of -0.32 and a beta of 0.37. The business’s fifty day moving average price is $1.39 and its 200-day moving average price is $7.74. IGM Biosciences has a twelve month low of $1.12 and a twelve month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings results on Thursday, March 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.13. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The company had revenue of $0.41 million for the quarter, compared to analyst estimates of $0.39 million. As a group, analysts expect that IGM Biosciences will post -3.35 earnings per share for the current fiscal year.

About IGM Biosciences

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.