IGM Biosciences (NASDAQ:IGMS) Trading Down 6.1% – What’s Next?

IGM Biosciences, Inc. (NASDAQ:IGMS) was down 6.1% on Monday . The company traded as low as $15.70 and last traded at $15.70. Approximately 25,235 shares traded hands during trading, a decline of 92% from the average daily volume of 315,481 shares. The stock had previously closed at $16.72.

Wall Street Analyst Weigh In

A number of brokerages have commented on IGMS. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their target price for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. HC Wainwright decreased their target price on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Wedbush dropped their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada raised their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $15.00.

IGM Biosciences Trading Down 8.7 %

The firm has a market cap of $900.71 million, a price-to-earnings ratio of -3.64 and a beta of 0.21. The firm’s 50-day moving average is $12.92 and its 200-day moving average is $10.25.

IGM Biosciences (NASDAQ:IGMS) last posted its earnings results on Wednesday, August 14th. The company reported ($0.79) 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 business had revenue of $1.25 million for the quarter, compared to the consensus estimate of $51.75 million. Analysts forecast that IGM Biosciences, Inc. will post -3.17 EPS for the current fiscal year.

Insider Transactions at IGM Biosciences

In related news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the transaction, the chief executive officer now owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the sale, the director now owns 2,000 shares in the company, valued at approximately $28,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,034 shares of company stock valued at $279,957 over the last ninety days. 57.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On IGM Biosciences

Several institutional investors have recently modified their holdings of IGMS. Quest Partners LLC lifted its holdings in IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after acquiring an additional 4,961 shares during the period. AQR Capital Management LLC bought a new stake in shares of IGM Biosciences during the 2nd quarter worth $84,000. XTX Topco Ltd boosted 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 worth $140,000 after buying an additional 8,467 shares during the last quarter. EntryPoint Capital LLC bought a new position in IGM Biosciences during the first quarter valued at about $152,000. Finally, Rhumbline Advisers grew 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 buying an additional 2,635 shares during the period. 42.79% of the stock is 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.