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

by · The Markets Daily

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on IGMS. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Royal Bank of Canada boosted their price target on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Guggenheim decreased their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Finally, Stifel Nicolaus boosted their price objective on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, November 11th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $16.13.

View Our Latest Report on IGM Biosciences

IGM Biosciences Stock Performance

The stock’s fifty day simple moving average is $14.84 and its two-hundred day simple moving average is $11.13. The company has a market capitalization of $580.92 million, a price-to-earnings ratio of -2.62 and a beta of 0.20.

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

Insider Transactions at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction dated 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 owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. This represents a 1.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 5,902 shares of company stock valued at $68,109 over the last quarter. Corporate insiders own 57.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Jacobs Levy Equity Management Inc. bought a new stake in IGM Biosciences during the 1st quarter worth approximately $758,000. Price T Rowe Associates Inc. MD raised its position in IGM Biosciences by 19.3% in 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 purchasing an additional 628,001 shares during the period. Marshall Wace LLP lifted its stake in IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after purchasing an additional 36,491 shares during the last quarter. AQR Capital Management LLC purchased a new stake in IGM Biosciences during the second quarter valued at about $84,000. Finally, TD Asset Management Inc increased its holdings in shares of IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after buying an additional 5,350 shares during the period. 42.79% of the stock is currently owned by institutional investors and hedge funds.

IGM Biosciences Company Profile

(Get Free Report)

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.

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