IGM Biosciences (NASDAQ:IGMS) Sees Large Volume Increase

IGM Biosciences, Inc. (NASDAQ:IGMS) shares saw an uptick in trading volume on Friday . 140,539 shares traded hands during trading, a decline of 54% from the previous session’s volume of 305,370 shares.The stock last traded at $9.80 and had previously closed at $9.30.

Analyst Ratings Changes

Several brokerages have issued reports on IGMS. HC Wainwright reaffirmed a “neutral” rating and set a $12.00 target price on shares of IGM Biosciences in a research note on Friday, May 24th. Wedbush reissued an “outperform” rating and set a $20.00 price target on shares of IGM Biosciences in a research report on Thursday, May 9th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.89.

IGM Biosciences Trading Down 1.1 %

The stock has a market capitalization of $542.98 million, a PE ratio of -2.28 and a beta of 0.20. The firm’s fifty day moving average is $8.22 and its 200-day moving average is $9.82.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Wednesday, May 8th. The company reported ($0.83) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.84) by $0.01. The company had revenue of $0.50 million for the quarter, compared to analyst estimates of $0.71 million. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. As a group, equities analysts predict that IGM Biosciences, Inc. will post -2.31 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Fred Schwarzer sold 4,164 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $7.58, for a total transaction of $31,563.12. Following the sale, the chief executive officer now directly owns 254,070 shares in the company, valued at $1,925,850.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 6,229 shares of company stock worth $47,216 over the last three months. Company insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of large investors have recently made changes to their positions in IGMS. Hudson Bay Capital Management LP acquired a new position in IGM Biosciences in the third quarter valued at approximately $1,038,000. Exchange Traded Concepts LLC raised its stake in shares of IGM Biosciences by 34.0% during the fourth quarter. Exchange Traded Concepts LLC now owns 19,048 shares of the company’s stock worth $158,000 after purchasing an additional 4,830 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of IGM Biosciences by 7,258.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 3,900 shares of the company’s stock worth $32,000 after purchasing an additional 3,847 shares during the last quarter. Panagora Asset Management Inc. purchased a new stake in shares of IGM Biosciences during the fourth quarter worth approximately $252,000. Finally, Pennant Investors LP purchased a new stake in shares of IGM Biosciences during the fourth quarter worth approximately $539,000. 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.