IGM Biosciences (NASDAQ:IGMS) Trading 8.5% Higher

IGM Biosciences, Inc. (NASDAQ:IGMS) shot up 8.5% on Wednesday . The company traded as high as $10.70 and last traded at $10.70. 24,732 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 302,263 shares. The stock had previously closed at $9.86.

Analyst Ratings Changes

Several brokerages have recently weighed in on IGMS. Royal Bank of Canada restated an “outperform” rating and set a $20.00 target price on shares of IGM Biosciences in a research note on Thursday, August 15th. JPMorgan Chase & Co. upped their price target on shares of IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Wedbush reissued an “outperform” rating and set a $25.00 price objective (up from $20.00) on shares of IGM Biosciences in a report on Wednesday, August 14th. Truist Financial cut their target price 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, HC Wainwright decreased their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.63.

IGM Biosciences Trading Down 8.2 %

The company’s 50-day moving average is $9.52 and its two-hundred day moving average is $9.54. The stock has a market capitalization of $555.42 million, a P/E ratio of -2.38 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. The company had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. Sell-side analysts expect that IGM Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Insider Activity at IGM Biosciences

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

Hedge Funds Weigh In On IGM Biosciences

Several large investors have recently bought and sold shares of the stock. Quest Partners LLC lifted its position in IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences during the 2nd quarter valued at about $84,000. EntryPoint Capital LLC acquired a new position in IGM Biosciences in the first quarter worth about $152,000. XTX Topco Ltd lifted its holdings in shares of IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after acquiring an additional 8,467 shares during the period. Finally, Rhumbline Advisers boosted its stake in shares of IGM Biosciences by 13.1% in 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 in the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

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.