IGM Biosciences (NASDAQ:IGMS) Stock Price Up 11%

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) rose 11% on Tuesday . The stock traded as high as $11.49 and last traded at $11.44. Approximately 82,572 shares were traded during trading, a decline of 74% from the average daily volume of 318,781 shares. The stock had previously closed at $10.31.

Analysts Set New Price Targets

IGMS has been the subject of several research reports. Wedbush reaffirmed an “outperform” rating and set a $20.00 target price on shares of IGM Biosciences in a research note on Thursday, May 9th. HC Wainwright reaffirmed a “neutral” rating and set a $12.00 target price on shares of IGM Biosciences in a research note on Friday, May 24th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.89.

IGM Biosciences Trading Down 1.9 %

The firm has a market cap of $714.14 million, a price-to-earnings ratio of -2.81 and a beta of 0.20. The stock has a 50-day moving average of $8.53 and a two-hundred day moving average of $9.99.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Wednesday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.01. The firm had revenue of $0.50 million during the quarter, compared to the consensus estimate of $0.71 million. IGM Biosciences had a negative return on equity of 108.07% and a negative net margin of 11,255.25%. Sell-side analysts expect that IGM Biosciences, Inc. will post -2.31 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 4,164 shares of the stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the sale, 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 document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 6,229 shares of company stock valued at $47,216. Corporate insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds have recently bought and sold shares of IGMS. Price T Rowe Associates Inc. MD raised its stake in shares of IGM Biosciences by 19.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after purchasing an additional 628,001 shares in the last quarter. Baker BROS. Advisors LP raised its stake in shares of IGM Biosciences by 10.8% during the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after purchasing an additional 397,311 shares in the last quarter. Redmile Group LLC raised its stake in shares of IGM Biosciences by 3.4% during the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after purchasing an additional 100,936 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of IGM Biosciences during the 1st quarter worth about $758,000. Finally, Pennant Investors LP purchased a new stake in shares of IGM Biosciences during the 4th quarter worth about $539,000. 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.