IGM Biosciences (NASDAQ:IGMS) Stock Price Up 11%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price was up 11% during mid-day trading on Tuesday . The stock traded as high as $11.49 and last traded at $11.44. Approximately 82,572 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 318,781 shares. The stock had previously closed at $10.31.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. HC Wainwright reiterated a “neutral” rating and set a $12.00 price objective on shares of IGM Biosciences in a report on Friday, May 24th. Wedbush reiterated an “outperform” rating and set a $20.00 price objective on shares of IGM Biosciences in a report on Thursday, May 9th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $17.89.

IGM Biosciences Price Performance

The firm has a 50-day moving average of $8.53 and a 200 day moving average of $9.99. The stock has a market capitalization of $714.14 million, a price-to-earnings ratio of -2.81 and a beta of 0.20.

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

Insider Activity

In other news, CEO Fred Schwarzer sold 4,164 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the sale, the chief executive officer now directly owns 254,070 shares of the company’s stock, valued at $1,925,850.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 6,229 shares of company stock valued at $47,216 over the last three months. Insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of hedge funds have recently made changes to their positions in IGMS. Nisa Investment Advisors LLC lifted its holdings in IGM Biosciences by 7,258.5% during the 4th 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. EntryPoint Capital LLC acquired a new stake in IGM Biosciences during the 1st quarter worth approximately $152,000. Susquehanna Fundamental Investments LLC acquired a new stake in IGM Biosciences during the 1st quarter worth approximately $268,000. Panagora Asset Management Inc. acquired a new stake in IGM Biosciences during the 4th quarter worth approximately $252,000. Finally, Pennant Investors LP acquired a new stake in IGM Biosciences during the 4th quarter worth approximately $539,000. 42.79% of the stock is owned by institutional investors and hedge funds.

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.