IGM Biosciences (NASDAQ:IGMS) Stock Price Up 4.6%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price rose 4.6% during mid-day trading on Tuesday . The stock traded as high as $10.89 and last traded at $10.74. Approximately 17,529 shares changed hands during trading, a decline of 94% from the average daily volume of 299,135 shares. The stock had previously closed at $10.27.

Analysts Set New Price Targets

IGMS has been the subject of several research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 target price on shares of IGM Biosciences in a research report on Thursday, August 15th. JPMorgan Chase & Co. lifted their target price on shares of IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. HC Wainwright dropped their target price 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. Truist Financial decreased their price target on shares of IGM Biosciences from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday, August 23rd. Finally, Wedbush reissued an “outperform” rating and set a $25.00 price target (up from $20.00) on shares of IGM Biosciences in a research note on Wednesday, August 14th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, IGM Biosciences presently has an average rating of “Moderate Buy” and an average price target of $16.63.

IGM Biosciences Price Performance

The firm’s 50 day moving average is $9.84 and its 200 day moving average is $9.40. The company has a market capitalization of $692.94 million, a PE ratio of -2.72 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last issued 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 firm had revenue of $1.25 million during the quarter, compared to analysts’ expectations of $51.75 million. As a group, analysts predict that IGM Biosciences, Inc. will post -3.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 4,164 shares of IGM Biosciences stock in a transaction on Friday, June 14th. The shares were sold at an average price of $7.58, for a total value of $31,563.12. Following the transaction, the chief executive officer now directly owns 254,070 shares of the company’s stock, valued at $1,925,850.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other IGM Biosciences news, CEO Fred Schwarzer sold 4,164 shares of the business’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $7.58, for a total transaction of $31,563.12. Following the transaction, the chief executive officer now directly owns 254,070 shares of the company’s stock, valued at approximately $1,925,850.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at $28,000. The disclosure for this sale can be found here. Insiders have sold a total of 21,361 shares of company stock valued at $259,064 over the last three months. 57.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC boosted its holdings in shares of 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 buying an additional 4,961 shares in the last quarter. AQR Capital Management LLC bought a new position in IGM Biosciences during the 2nd quarter valued at about $84,000. XTX Topco Ltd increased its position in shares of IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after purchasing an additional 8,467 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in shares of IGM Biosciences during the 1st quarter valued at about $152,000. Finally, Rhumbline Advisers increased its position in shares of IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares during the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

IGM Biosciences Company 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.