IGM Biosciences (NASDAQ:IGMS) Issues Quarterly Earnings Results

IGM Biosciences (NASDAQ:IGMS) announced its quarterly earnings results on Wednesday. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97), Zacks reports. IGM Biosciences had a negative return on equity of 108.07% and a negative net margin of 11,255.25%. The business had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million.

IGM Biosciences Stock Up 6.3 %

NASDAQ IGMS traded up $0.55 during trading on Thursday, hitting $9.27. The company’s stock had a trading volume of 207,685 shares, compared to its average volume of 315,216. IGM Biosciences has a 52 week low of $3.81 and a 52 week high of $17.70. The firm has a market cap of $547.15 million, a P/E ratio of -2.14 and a beta of 0.19. The firm has a 50 day moving average price of $8.66 and a 200 day moving average price of $9.85.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. JPMorgan Chase & Co. raised their target price on IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday. Wedbush reissued an “outperform” rating and set a $25.00 price objective (up previously from $20.00) on shares of IGM Biosciences in a report on Wednesday. Royal Bank of Canada restated an “outperform” rating and issued a $20.00 target price on shares of IGM Biosciences in a report on Thursday. Finally, HC Wainwright reiterated a “neutral” rating and set a $12.00 price target on shares of IGM Biosciences in a report on Friday, May 24th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $16.88.

Insider Activity

In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the sale, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $14.00, for a total transaction of $211,848.00. Following the sale, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Fred Schwarzer sold 4,164 shares of the company’s stock in a transaction that occurred 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 completion of 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 disclosure for this sale can be found here. Over the last three months, insiders sold 21,361 shares of company stock valued at $259,064. 57.00% of the stock is owned by company insiders.

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.