HC Wainwright Lowers IGM Biosciences (NASDAQ:IGMS) Price Target to $11.00

IGM Biosciences (NASDAQ:IGMS) had its price target reduced by research analysts at HC Wainwright from $12.00 to $11.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. HC Wainwright’s price objective points to a potential upside of 18.15% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on IGMS. JPMorgan Chase & Co. increased their target price on shares of IGM Biosciences from $11.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of IGM Biosciences in a research note on Thursday, August 15th. Truist Financial reduced their target price on IGM Biosciences from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Friday, August 23rd. Finally, Wedbush reiterated an “outperform” rating and issued a $25.00 price objective (up previously from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.63.

IGM Biosciences Trading Down 9.2 %

NASDAQ IGMS opened at $9.31 on Thursday. IGM Biosciences has a 1-year low of $3.81 and a 1-year high of $17.70. The company has a market capitalization of $549.51 million, a price-to-earnings ratio of -2.16 and a beta of 0.19. The stock’s 50 day moving average is $9.57 and its two-hundred day moving average is $9.49.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). The company had revenue of $1.25 million during the quarter, compared to analyst estimates of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. On average, analysts predict that IGM Biosciences will post -3.01 earnings per share for the current year.

Insiders Place Their Bets

In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Fred Schwarzer sold 4,164 shares of IGM Biosciences 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 completion of the sale, the chief executive officer now owns 254,070 shares in the company, valued at approximately $1,925,850.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Julie Hambleton sold 15,132 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 2,000 shares in the company, valued at $28,000. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,361 shares of company stock valued at $259,064. 57.00% of the stock is currently owned by corporate insiders.

Institutional Trading of IGM Biosciences

A number of institutional investors have recently bought and sold shares of IGMS. Quest Partners LLC lifted its stake in shares of IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after purchasing an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new position in IGM Biosciences in the second quarter valued at about $84,000. XTX Topco Ltd boosted its holdings in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after buying an additional 8,467 shares during the last quarter. EntryPoint Capital LLC acquired a new position in shares of IGM Biosciences during the 1st quarter worth about $152,000. Finally, Rhumbline Advisers grew its position in shares of IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after buying an additional 2,635 shares during the period. Institutional investors and hedge funds own 42.79% of the company’s stock.

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.