IGM Biosciences (NASDAQ:IGMS) PT Lowered to $11.00 at HC Wainwright

IGM Biosciences (NASDAQ:IGMS) had its price objective trimmed by HC Wainwright from $12.00 to $11.00 in a research note released on Thursday, Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Truist Financial dropped their target price on IGM Biosciences from $25.00 to $24.00 and set a buy rating for the company in a research report on Friday, August 23rd. Wedbush restated an outperform rating and set a $25.00 target price (up from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. Royal Bank of Canada reiterated an outperform rating and set a $20.00 price target on shares of IGM Biosciences in a research report on Thursday, August 15th. Finally, JPMorgan Chase & Co. increased their price objective 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. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, IGM Biosciences currently has an average rating of Moderate Buy and a consensus price target of $16.63.

IGM Biosciences Trading Down 9.2 %

Shares of NASDAQ IGMS opened at $9.31 on Thursday. IGM Biosciences has a 1-year low of $3.81 and a 1-year high of $17.70. The company has a 50-day moving average of $9.57 and a two-hundred day moving average of $9.44. The company has a market cap of $549.51 million, a PE ratio of -2.16 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share 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 during the quarter, compared to analyst estimates of $51.75 million. As a group, equities research analysts forecast that IGM Biosciences will post -3.01 earnings per share for the current year.

Insider Buying and Selling at IGM Biosciences

In other 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 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 $1,925,850.60. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Fred Schwarzer sold 4,164 shares of IGM Biosciences stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 254,070 shares in the company, valued at approximately $1,925,850.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,361 shares of company stock valued at $259,064. Corporate insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in IGMS. Point72 Asset Management L.P. bought a new position in IGM Biosciences during the 2nd quarter worth about $187,000. AQR Capital Management LLC acquired a new position in shares of IGM Biosciences during the second quarter worth about $84,000. Marshall Wace LLP grew its holdings 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 worth $737,000 after buying an additional 36,491 shares in the last quarter. XTX Topco Ltd raised its position in IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in IGM Biosciences by 126.0% in the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after buying an additional 60,593 shares during 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.