IGM Biosciences (NASDAQ:IGMS) Stock Price Up 5.1%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price rose 5.1% on Monday . The stock traded as high as $12.96 and last traded at $12.93. Approximately 16,349 shares changed hands during trading, a decline of 94% from the average daily volume of 296,044 shares. The stock had previously closed at $12.30.

Analyst Ratings Changes

A number of research firms have weighed in on IGMS. HC Wainwright dropped their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. raised their price target on IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Truist Financial cut their target price on IGM Biosciences from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, August 23rd. Wedbush reissued an “outperform” rating and issued a $25.00 price target (up from $20.00) on shares of IGM Biosciences in a report on Wednesday, August 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 price objective on shares of IGM Biosciences in a report on Thursday, August 15th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.63.

IGM Biosciences Trading Up 9.3 %

The firm’s 50-day moving average price is $10.06 and its 200-day moving average price is $9.34. The stock has a market capitalization of $793.28 million, a PE ratio of -3.02 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last announced 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 company had revenue of $1.25 million during the quarter, compared to analysts’ expectations of $51.75 million. On average, equities research analysts predict that IGM Biosciences, Inc. will post -3.13 earnings per share for the current fiscal year.

Insider Activity

In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the business’s 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 completion of the transaction, the director now owns 2,000 shares in the company, valued at $28,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IGMS. Quest Partners LLC increased its position in IGM Biosciences by 71.4% during the 2nd 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 during the period. AQR Capital Management LLC bought a new position in shares of IGM Biosciences in the 2nd quarter worth $84,000. XTX Topco Ltd raised its position in shares of IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 shares in the last quarter. EntryPoint Capital LLC purchased a new stake in shares of IGM Biosciences during the 1st quarter worth $152,000. Finally, Rhumbline Advisers boosted its position in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares in the last quarter. 42.79% of the stock is currently owned by institutional investors.

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.