IGM Biosciences (NASDAQ:IGMS) Stock Price Down 3.9% – Here’s Why

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price dropped 3.9% on Monday . The stock traded as low as $8.95 and last traded at $9.10. Approximately 35,468 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 308,653 shares. The stock had previously closed at $9.47.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wedbush dropped their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, October 1st. Stifel Nicolaus raised their target price on IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. Royal Bank of Canada upped their price target on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Guggenheim lowered their price target on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Finally, JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $9.00 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 assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $16.13.

IGM Biosciences Stock Performance

The company has a 50 day moving average of $14.89 and a 200-day moving average of $11.13. The stock has a market cap of $546.93 million, a price-to-earnings ratio of -2.40 and a beta of 0.20.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The business had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, research analysts anticipate that IGM Biosciences, Inc. will post -3.17 EPS for the current year.

Insider Transactions at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was 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 of the company’s stock, valued at approximately $2,886,430.96. This trade represents a 1.55 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders sold 5,902 shares of company stock valued at $68,109. Insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Several hedge funds have recently added to or reduced their stakes in IGMS. Price T Rowe Associates Inc. MD lifted its position in shares of IGM Biosciences by 19.3% during the 1st 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 during the last quarter. Baker BROS. Advisors LP lifted its position in IGM Biosciences by 10.8% in the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after acquiring an additional 397,311 shares during the last quarter. Redmile Group LLC lifted its position in IGM Biosciences by 3.4% in the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after acquiring an additional 100,936 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in IGM Biosciences in the first quarter valued at $758,000. Finally, Renaissance Technologies LLC grew its holdings in shares of IGM Biosciences by 126.0% during the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after purchasing an additional 60,593 shares during the last quarter. 42.79% of the stock is currently 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.