IGM Biosciences (NASDAQ:IGMS) Shares Down 4.1% – Should You Sell?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price fell 4.1% on Friday . The company traded as low as $10.00 and last traded at $10.00. 23,163 shares were traded during trading, a decline of 92% from the average session volume of 306,430 shares. The stock had previously closed at $10.43.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. HC Wainwright decreased their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Wedbush reduced their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 1st. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price objective for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. Finally, Guggenheim reduced their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, IGM Biosciences presently has an average rating of “Hold” and a consensus target price of $16.13.

IGM Biosciences Price Performance

The company has a market capitalization of $596.98 million, a price-to-earnings ratio of -2.76 and a beta of 0.20. The firm’s fifty day moving average price is $14.00 and its 200-day moving average price is $11.12.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The firm had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. On average, research analysts predict that IGM Biosciences, Inc. will post -3.33 earnings per share for the current 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 that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. This represents a 1.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 5,902 shares of company stock worth $68,109 in the last ninety days. Company insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

Several institutional investors have recently modified their holdings of the business. Jacobs Levy Equity Management Inc. acquired a new position in IGM Biosciences during the 1st quarter worth about $758,000. Renaissance Technologies LLC lifted its stake in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after acquiring an additional 60,593 shares during the period. Marshall Wace LLP boosted its holdings in IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after acquiring an additional 36,491 shares during the last quarter. Bruce & Co. Inc. increased its position in IGM Biosciences by 53.8% during the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock valued at $687,000 after purchasing an additional 35,000 shares during the period. Finally, Wellington Management Group LLP raised its holdings in IGM Biosciences by 42.6% during the 3rd quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock worth $1,627,000 after purchasing an additional 29,374 shares during the last quarter. Institutional investors own 42.79% of the company’s stock.

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.