IGM Biosciences (NASDAQ:IGMS) Shares Gap Down – Here’s What Happened

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price gapped down before the market opened on Friday . The stock had previously closed at $8.89, but opened at $8.51. IGM Biosciences shares last traded at $8.92, with a volume of 62,293 shares trading hands.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. HC Wainwright lowered their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Royal Bank of Canada boosted their target price on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. Wedbush lowered their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. Finally, Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, IGM Biosciences has a consensus rating of “Hold” and a consensus price target of $16.13.

IGM Biosciences Stock Up 1.7 %

The company has a 50-day moving average price of $14.75 and a two-hundred day moving average price of $11.10. The stock has a market capitalization of $537.52 million, a P/E ratio of -2.44 and a beta of 0.20.

IGM Biosciences (NASDAQ:IGMS) last posted its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.82) by ($0.19). The firm had revenue of $0.52 million during the quarter, compared to analysts’ expectations of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, sell-side analysts expect that IGM Biosciences, Inc. will post -3.28 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the transaction, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. This trade represents a 1.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 5,902 shares of company stock worth $68,109 in the last quarter. 57.00% of the stock is owned by insiders.

Hedge Funds Weigh In On IGM Biosciences

Hedge funds have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its holdings in IGM Biosciences by 19.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock worth $37,520,000 after buying an additional 628,001 shares during the period. Baker BROS. Advisors LP boosted its position in shares of IGM Biosciences by 10.8% during the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after purchasing an additional 397,311 shares in the last quarter. Redmile Group LLC grew its stake in IGM Biosciences by 3.4% in 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 period. Jacobs Levy Equity Management Inc. purchased a new stake in IGM Biosciences in the first quarter worth $758,000. Finally, Bank of New York Mellon Corp raised its holdings in IGM Biosciences by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after purchasing an additional 4,427 shares in the last quarter. 42.79% of the stock is 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.