IGM Biosciences (NASDAQ:IGMS) Stock Price Down 5.5% – What’s Next?

IGM Biosciences, Inc. (NASDAQ:IGMS) shares dropped 5.5% on Tuesday . The stock traded as low as $15.88 and last traded at $15.88. Approximately 18,328 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 317,144 shares. The stock had previously closed at $16.80.

Analysts Set New Price Targets

A number of analysts recently commented on IGMS shares. Guggenheim dropped their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. Truist Financial cut shares of 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 report on Tuesday, October 1st. Wedbush cut their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Royal Bank of Canada reduced their price target on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a research report on Tuesday, October 1st. Finally, HC Wainwright dropped their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $14.67.

IGM Biosciences Stock Down 8.2 %

The firm’s 50-day moving average is $12.62 and its 200-day moving average is $10.14. The company has a market capitalization of $836.37 million, a PE ratio of -3.29 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). The firm had revenue of $1.25 million for the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. As a group, equities research analysts predict that IGM Biosciences, Inc. will post -3.17 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction 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 completion of the sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $2,886,430.96. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $28,000. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,034 shares of company stock valued at $279,957. 57.00% of the stock is currently owned by corporate insiders.

Institutional Trading of IGM Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. purchased a new position in IGM Biosciences during the 2nd quarter valued at $187,000. AQR Capital Management LLC purchased a new position in shares of IGM Biosciences during the second quarter valued at about $84,000. Marshall Wace LLP increased its position in shares of IGM Biosciences by 51.6% during the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after buying an additional 36,491 shares during the period. XTX Topco Ltd raised its stake in IGM Biosciences by 70.9% in the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after buying an additional 8,467 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after buying an additional 60,593 shares during the period. Hedge funds and other institutional investors own 42.79% of the company’s stock.

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.