IGM Biosciences, Inc. (NASDAQ:IGMS) Receives Consensus Rating of “Moderate Buy” from Brokerages

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

IGMS has been the subject of a number of recent research reports. Wedbush reissued an “outperform” rating and issued a $25.00 target price (up previously from $20.00) on shares of IGM Biosciences in a research note on Wednesday, August 14th. JPMorgan Chase & Co. increased their price objective on IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Truist Financial decreased their target price on shares of IGM Biosciences from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday, August 23rd. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 price target on shares of IGM Biosciences in a report on Thursday, August 15th. Finally, HC Wainwright cut 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.

Insider Buying and Selling at IGM Biosciences

In other news, CEO Fred Schwarzer sold 4,164 shares of the firm’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the sale, the chief executive officer now directly owns 254,070 shares of the company’s stock, valued at approximately $1,925,850.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction that occurred 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 sale, the director now directly owns 2,000 shares in the company, valued at $28,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fred Schwarzer sold 4,164 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the sale, the chief executive officer now directly owns 254,070 shares in the company, valued at $1,925,850.60. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,361 shares of company stock valued at $259,064. 57.00% of the stock is currently owned by company insiders.

Institutional Trading of IGM Biosciences

A number of hedge funds have recently modified their holdings of the business. Baker BROS. Advisors LP lifted its holdings in shares of IGM Biosciences by 10.8% during the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after purchasing an additional 397,311 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in IGM Biosciences by 19.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after buying an additional 628,001 shares during the last quarter. Redmile Group LLC boosted its holdings in IGM Biosciences by 3.4% in the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after acquiring an additional 100,936 shares in the last quarter. TD Asset Management Inc boosted its holdings in IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after acquiring an additional 5,350 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after acquiring an additional 60,593 shares during the last quarter. Institutional investors own 42.79% of the company’s stock.

IGM Biosciences Stock Performance

IGMS stock opened at $11.27 on Friday. The company has a market capitalization of $665.20 million, a PE ratio of -2.61 and a beta of 0.19. IGM Biosciences has a one year low of $3.81 and a one year high of $17.70. The company’s 50 day moving average price is $9.74 and its two-hundred day moving average price is $9.38.

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