IGM Biosciences (NASDAQ:IGMS) Shares Gap Down on Analyst Downgrade

IGM Biosciences, Inc. (NASDAQ:IGMS) gapped down prior to trading on Tuesday after Guggenheim lowered their price target on the stock from $25.00 to $20.00. The stock had previously closed at $16.54, but opened at $11.43. Guggenheim currently has a buy rating on the stock. IGM Biosciences shares last traded at $14.34, with a volume of 291,886 shares traded.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price target for the company from $12.00 to $9.00 in a report on Tuesday. Royal Bank of Canada reduced their price objective on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday. HC Wainwright dropped their target price on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Wedbush dropped their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the company from $24.00 to $12.00 in a report on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $14.67.

Insider Activity at IGM Biosciences

In other news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now owns 2,000 shares in the company, valued at $28,000. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CEO Fred Schwarzer sold 3,946 shares of the company’s 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 sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at $2,886,430.96. 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 company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the sale, the director now owns 2,000 shares in the company, valued at $28,000. The disclosure for this sale can be found here. Insiders sold a total of 21,034 shares of company stock worth $279,957 in the last 90 days. 57.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of IGMS. Baker BROS. Advisors LP boosted its position in IGM Biosciences by 10.8% in the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after buying an additional 397,311 shares in the last quarter. 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 valued at $37,520,000 after purchasing an additional 628,001 shares during the last quarter. Redmile Group LLC grew its holdings in shares of IGM Biosciences by 3.4% during the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after purchasing an additional 100,936 shares during the last quarter. TD Asset Management Inc increased its stake 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 valued at $1,130,000 after buying an additional 5,350 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after buying an additional 60,593 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

IGM Biosciences Trading Down 0.7 %

The stock has a market cap of $849.95 million, a P/E ratio of -3.34 and a beta of 0.21. The business’s fifty day simple moving average is $11.69 and its 200 day simple moving average is $9.78.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data 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 firm had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. On average, analysts predict that IGM Biosciences, Inc. will post -3.13 earnings per share for the current fiscal year.

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.