IGM Biosciences, Inc. (NASDAQ:IGMS – Get Free Report) 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 – Get Free Report) 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
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.
View Our Latest Stock Analysis on IGM Biosciences
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.
See Also
- Five stocks we like better than IGM Biosciences
- How to Most Effectively Use the MarketBeat Earnings Screener
- Goldman Sachs Earnings Reveal Market Moves Investors Can’t Ignore
- 3 Warren Buffett Stocks to Buy Now
- AMD Gains Momentum With AI: Can It Beat Expectations?
- Compound Interest and Why It Matters When Investing
- Lithium Grab: 2 Lithium Stocks That Could Be Takeover Targets
Receive News & Ratings for IGM Biosciences Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IGM Biosciences and related companies with MarketBeat.com's FREE daily email newsletter.