IGM Biosciences (NASDAQ:IGMS) Stock Price Down 3.9% – Time to Sell?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price fell 3.9% during mid-day trading on Monday . The company traded as low as $8.95 and last traded at $9.10. 35,468 shares were traded during mid-day trading, a decline of 89% from the average session volume of 308,653 shares. The stock had previously closed at $9.47.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on IGMS shares. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their target price for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Stifel Nicolaus raised their target price on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Royal Bank of Canada upped their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. HC Wainwright reduced their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Finally, Wedbush lowered their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $16.13.

IGM Biosciences Stock Performance

The company has a market capitalization of $580.92 million, a PE ratio of -2.62 and a beta of 0.20. The company’s 50-day simple moving average is $14.84 and its 200-day simple moving average is $11.13.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The firm had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. Analysts expect that IGM Biosciences, Inc. will post -3.17 EPS for the current year.

Insider Buying and Selling

In other news, CEO Fred Schwarzer sold 3,946 shares of the 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 completion of 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 1.55 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have sold 5,902 shares of company stock worth $68,109. 57.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On IGM Biosciences

Several institutional investors have recently bought and sold shares of IGMS. MetLife Investment Management LLC acquired a new position in IGM Biosciences during the third quarter valued at $149,000. Quest Partners LLC raised its holdings in IGM Biosciences by 71.4% in the 2nd 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 IGM Biosciences during the 2nd quarter valued at approximately $84,000. EntryPoint Capital LLC bought a new stake in shares of IGM Biosciences in the first quarter valued at approximately $152,000. Finally, XTX Topco Ltd grew its position in 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 purchasing an additional 8,467 shares during the last quarter. Institutional investors and hedge funds own 42.79% of the company’s stock.

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.