Baker BROS. Advisors LP Increases Stake in IGM Biosciences, Inc. (NASDAQ:IGMS)

Baker BROS. Advisors LP boosted its stake in IGM Biosciences, Inc. (NASDAQ:IGMS) by 0.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,092,310 shares of the company’s stock after purchasing an additional 1,994 shares during the quarter. IGM Biosciences comprises 0.7% of Baker BROS. Advisors LP’s portfolio, making the stock its 21st largest position. Baker BROS. Advisors LP owned about 6.90% of IGM Biosciences worth $67,687,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of IGMS. Rhumbline Advisers increased its stake in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after acquiring an additional 2,635 shares during the last quarter. Bank of New York Mellon Corp increased its position in IGM Biosciences by 8.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after purchasing an additional 4,427 shares in the last quarter. Quest Partners LLC raised its holdings in IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the period. TD Asset Management Inc lifted its position in IGM Biosciences by 3.4% during the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in IGM Biosciences by 8.2% during the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock worth $1,234,000 after buying an additional 5,683 shares during the period. Institutional investors and hedge funds own 42.79% of the company’s stock.

IGM Biosciences Stock Down 3.7 %

Shares of NASDAQ IGMS opened at $10.04 on Monday. IGM Biosciences, Inc. has a fifty-two week low of $5.58 and a fifty-two week high of $22.50. The business has a 50 day moving average price of $14.00 and a two-hundred day moving average price of $11.13. The firm has a market cap of $597.02 million, a PE ratio of -2.76 and a beta of 0.20.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The company had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, analysts anticipate that IGM Biosciences, Inc. will post -3.33 earnings per share for the current year.

Insider Activity

In related news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $11.54, for a total value 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 trade represents a 1.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have sold 5,902 shares of company stock worth $68,109. 57.00% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on IGMS shares. JPMorgan Chase & Co. downgraded shares of 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 note on Tuesday, October 1st. HC Wainwright reduced their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Royal Bank of Canada boosted their price target on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, Guggenheim lowered their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $16.13.

IGM Biosciences Profile

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.