IGM Biosciences (NASDAQ:IGMS) Stock Price Up 8.5%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price shot up 8.5% on Wednesday . The company traded as high as $10.70 and last traded at $10.70. 24,732 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 302,263 shares. The stock had previously closed at $9.86.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. 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. JPMorgan Chase & Co. upped their target price on IGM Biosciences from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 target price on shares of IGM Biosciences in a report on Thursday, August 15th. Wedbush reiterated an “outperform” rating and set a $25.00 price objective (up from $20.00) on shares of IGM Biosciences in a research note on Wednesday, August 14th. Finally, Truist Financial lowered their target price on IGM Biosciences from $25.00 to $24.00 and set a “buy” rating for the company in a report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, IGM Biosciences currently has an average rating of “Moderate Buy” and an average target price of $16.63.

IGM Biosciences Stock Performance

The stock has a market cap of $555.42 million, a price-to-earnings ratio of -2.38 and a beta of 0.19. The business’s 50 day moving average is $9.52 and its 200-day moving average is $9.54.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. The business had revenue of $1.25 million during the quarter, compared to analyst estimates of $51.75 million. Sell-side analysts anticipate that IGM Biosciences, Inc. will post -3.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 stock was sold at an average price of $7.58, for a total value of $31,563.12. Following the sale, the chief executive officer now owns 254,070 shares in the company, valued at approximately $1,925,850.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Julie Hambleton sold 15,132 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the completion of the sale, the director now directly owns 2,000 shares in the company, valued at $28,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,361 shares of company stock valued at $259,064. Insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

Several large investors have recently modified their holdings of IGMS. Jacobs Levy Equity Management Inc. acquired a new position in shares of IGM Biosciences during the 1st quarter valued at about $758,000. Price T Rowe Associates Inc. MD raised its holdings in shares of 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. Panagora Asset Management Inc. acquired a new position in shares of IGM Biosciences in the 4th quarter valued at about $252,000. Susquehanna Fundamental Investments LLC purchased a new stake in shares of IGM Biosciences during the 1st quarter worth about $268,000. 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 currently owned by institutional investors and hedge funds.

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.