IGM Biosciences, Inc. (NASDAQ:IGMS) Short Interest Down 23.9% in September

IGM Biosciences, Inc. (NASDAQ:IGMS) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totalling 4,020,000 shares, a decrease of 23.9% from the September 15th total of 5,280,000 shares. Approximately 19.3% of the shares of the stock are short sold. Based on an average daily volume of 352,600 shares, the short-interest ratio is currently 11.4 days.

IGM Biosciences Stock Down 8.2 %

IGMS stock traded down $1.37 during mid-day trading on Tuesday, reaching $15.43. 173,010 shares of the stock traded hands, compared to its average volume of 317,922. IGM Biosciences has a 52 week low of $3.81 and a 52 week high of $22.50. The firm has a market capitalization of $910.74 million, a PE ratio of -3.61 and a beta of 0.21. The business has a 50-day moving average of $12.38 and a two-hundred day moving average of $10.07.

IGM Biosciences (NASDAQ:IGMS) last posted its 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). The firm had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. On average, equities research analysts anticipate that IGM Biosciences will post -3.17 EPS for the current fiscal year.

Insider Buying and Selling

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $11.54, for a total value of $45,536.84. Following the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total transaction of $45,536.84. Following the sale, the chief executive officer now owns 250,124 shares in the company, valued at $2,886,430.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,034 shares of company stock valued at $279,957. Corporate insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Susquehanna Fundamental Investments LLC bought a new position in shares of IGM Biosciences during the 1st quarter worth about $268,000. EntryPoint Capital LLC bought a new position in IGM Biosciences during the first quarter worth about $152,000. Price T Rowe Associates Inc. MD grew its stake in IGM Biosciences by 19.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after buying an additional 628,001 shares in the last quarter. Baker BROS. Advisors LP boosted its stake in shares of IGM Biosciences by 10.8% in the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after purchasing an additional 397,311 shares in the last quarter. Finally, Redmile Group LLC raised its holdings in IGM Biosciences by 3.4% in the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after buying an additional 100,936 shares during the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Guggenheim decreased their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Wedbush cut their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. HC Wainwright dropped their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $12.00 to $9.00 in a research report on Tuesday, October 1st. Finally, Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $14.67.

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.