IGM Biosciences (NASDAQ:IGMS) Lowered to Hold at Truist Financial

IGM Biosciences (NASDAQ:IGMS) was downgraded by equities research analysts at Truist Financial from a “buy” rating to a “hold” rating in a report issued on Tuesday, Marketbeat reports. They currently have a $12.00 price objective on the stock, down from their previous price objective of $24.00. Truist Financial’s target price would suggest a potential downside of 16.67% from the company’s previous close.

IGMS has been the subject of a number of other research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of IGM Biosciences in a research report on Thursday, August 15th. Wedbush reiterated an “outperform” rating and issued a $25.00 target price (up previously from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. JPMorgan Chase & Co. increased their target price on shares of IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th. Finally, HC Wainwright decreased their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, IGM Biosciences currently has an average rating of “Hold” and an average target price of $14.67.

IGM Biosciences Stock Performance

IGM Biosciences stock opened at $14.40 on Tuesday. The company has a 50-day simple moving average of $11.69 and a 200-day simple moving average of $9.78. The firm has a market capitalization of $849.95 million, a P/E ratio of -3.34 and a beta of 0.21. IGM Biosciences has a one year low of $3.81 and a one year high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). The firm had revenue of $1.25 million for the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. As a group, sell-side analysts forecast that IGM Biosciences will post -3.13 earnings per share for the current year.

Insider Activity

In other news, 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 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were 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 $28,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction dated 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 directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 21,034 shares of company stock worth $279,957. Corporate insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. purchased a new stake in IGM Biosciences during the second quarter valued at about $187,000. AQR Capital Management LLC purchased a new stake in IGM Biosciences during the second quarter valued at about $84,000. Marshall Wace LLP lifted its stake in IGM Biosciences by 51.6% during the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after buying an additional 36,491 shares in the last quarter. XTX Topco Ltd lifted its stake in 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 buying an additional 8,467 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake in IGM Biosciences by 126.0% during the second 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 in the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

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.