Fred Schwarzer Sells 3,946 Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) Stock

IGM Biosciences, Inc. (NASDAQ:IGMS) CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now owns 250,124 shares in the company, valued at $2,886,430.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

IGM Biosciences Stock Up 11.6 %

Shares of NASDAQ:IGMS opened at $17.68 on Wednesday. IGM Biosciences, Inc. has a 52-week low of $3.81 and a 52-week high of $22.50. The stock has a market cap of $1.04 billion, a P/E ratio of -4.10 and a beta of 0.19. The business’s 50 day moving average is $10.45 and its 200 day moving average is $9.39.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. On average, sell-side analysts anticipate that IGM Biosciences, Inc. will post -3.13 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IGMS. Quest Partners LLC grew its stake in IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares in the last quarter. AQR Capital Management LLC purchased a new position in shares of IGM Biosciences in the 2nd quarter valued at $84,000. XTX Topco Ltd increased its holdings 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 valued at $140,000 after acquiring an additional 8,467 shares during the period. EntryPoint Capital LLC purchased a new position in shares of IGM Biosciences in the 1st quarter valued at $152,000. Finally, Rhumbline Advisers increased its holdings in shares of IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after acquiring an additional 2,635 shares during the period. Institutional investors own 42.79% of the company’s stock.

Analysts Set New Price Targets

IGMS has been the topic of a number of recent research reports. HC Wainwright decreased their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. increased their price target on IGM Biosciences from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Wedbush reiterated 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. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 price target on shares of IGM Biosciences in a report on Thursday, August 15th. Finally, Truist Financial reduced their price target on IGM Biosciences from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $16.63.

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.