IGM Biosciences (NASDAQ:IGMS) Stock Price Up 8.7% on Insider Buying Activity

Shares of IGM Biosciences (NASDAQ:IGMS) rose 8.7% during trading on Tuesday after an insider bought additional shares in the company. The stock traded as high as $67.77 and last traded at $66.59. Approximately 246,127 shares traded hands during mid-day trading, an increase of 116% from the average daily volume of 113,700 shares. The stock had previously closed at $61.25.

Specifically, Director Redmile Group, Llc bought 74,253 shares of IGM Biosciences stock in a transaction that occurred on Thursday, September 3rd. The stock was purchased at an average cost of $48.69 per share, with a total value of $3,615,378.57. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Daniel Shinyu Chen sold 602 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $50.20, for a total value of $30,220.40. Following the completion of the transaction, the insider now directly owns 116,518 shares of the company’s stock, valued at $5,849,203.60. The disclosure for this sale can be found here. Over the last three months, insiders bought 193,125 shares of company stock valued at $9,662,662 and sold 2,207 shares valued at $117,524. 79.38% of the stock is currently owned by corporate insiders.

IGMS has been the subject of several research reports. BidaskClub raised IGM Biosciences from a “sell” rating to a “hold” rating in a research report on Friday, September 11th. Stifel Nicolaus increased their price objective on IGM Biosciences from $67.00 to $95.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. SunTrust Banks began coverage on IGM Biosciences in a research note on Thursday, May 28th. They set a “buy” rating and a $86.00 price objective for the company. Zacks Investment Research upgraded IGM Biosciences from a “sell” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, Robert W. Baird began coverage on IGM Biosciences in a research note on Thursday, July 16th. They set an “outperform” rating and a $90.00 price objective for the company. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $65.00.

The company has a market capitalization of $2.11 billion and a price-to-earnings ratio of -16.75. The company has a debt-to-equity ratio of 0.05, a current ratio of 18.01 and a quick ratio of 18.01. The stock has a 50 day moving average price of $50.84 and a two-hundred day moving average price of $57.05.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Thursday, August 6th. The company reported ($0.62) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.65) by $0.03. Sell-side analysts forecast that IGM Biosciences will post -2.68 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the company. Nuveen Asset Management LLC increased its stake in shares of IGM Biosciences by 184.2% in the second quarter. Nuveen Asset Management LLC now owns 54,546 shares of the company’s stock valued at $3,982,000 after buying an additional 35,350 shares in the last quarter. FMR LLC increased its stake in shares of IGM Biosciences by 45.6% in the second quarter. FMR LLC now owns 18,817 shares of the company’s stock valued at $1,374,000 after buying an additional 5,889 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of IGM Biosciences by 15.1% in the second quarter. Charles Schwab Investment Management Inc. now owns 68,488 shares of the company’s stock valued at $5,000,000 after buying an additional 8,998 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of IGM Biosciences by 42.2% in the second quarter. California State Teachers Retirement System now owns 10,701 shares of the company’s stock valued at $781,000 after buying an additional 3,174 shares in the last quarter. Finally, Great West Life Assurance Co. Can acquired a new stake in shares of IGM Biosciences in the second quarter valued at $41,000. Institutional investors own 45.56% of the company’s stock.

IGM Biosciences Company Profile (NASDAQ:IGMS)

IGM Biosciences, Inc, a biotechnology company, engages in the research and development of engineered Immunoglobulin M (IgM) antibodies for the treatment of cancer patients. The company's lead product candidate is IGM-2323, a bispecific T cell engaging IgM antibody that completed preclinical trials for targeting CD20 and CD3 proteins for the treatment of relapsed/refractory B cell Non-Hodgkin's lymphoma.

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