Short Interest in IGM Biosciences, Inc. (NASDAQ:IGMS) Drops By 19.3%

IGM Biosciences, Inc. (NASDAQ:IGMS) saw a significant decline in short interest in March. As of March 15th, there was short interest totalling 928,300 shares, a decline of 19.3% from the February 28th total of 1,150,000 shares. Based on an average daily trading volume, of 448,700 shares, the short-interest ratio is currently 2.1 days. Currently, 5.7% of the shares of the company are short sold.

Hedge Funds Weigh In On IGM Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sanofi purchased a new position in shares of IGM Biosciences during the 4th quarter worth $8,792,000. State Street Corp raised its stake in IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock worth $7,770,000 after purchasing an additional 12,174 shares during the period. Geode Capital Management LLC raised its stake in IGM Biosciences by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 409,133 shares of the company’s stock worth $2,501,000 after purchasing an additional 13,334 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in IGM Biosciences by 6.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 157,843 shares of the company’s stock valued at $964,000 after purchasing an additional 9,441 shares during the last quarter. Finally, Two Sigma Investments LP grew its stake in shares of IGM Biosciences by 196.7% in the 4th quarter. Two Sigma Investments LP now owns 107,620 shares of the company’s stock valued at $658,000 after buying an additional 71,343 shares during the period. Institutional investors and hedge funds own 42.79% of the company’s stock.

IGM Biosciences Stock Performance

Shares of NASDAQ:IGMS remained flat at $1.15 during midday trading on Tuesday. 251,802 shares of the stock traded hands, compared to its average volume of 338,969. The stock has a market cap of $68.74 million, a P/E ratio of -0.32 and a beta of 0.37. IGM Biosciences has a 12-month low of $1.12 and a 12-month high of $22.50. The business’s 50-day moving average is $1.39 and its 200 day moving average is $7.74.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Thursday, March 6th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.13. The business had revenue of $0.41 million for the quarter, compared to analyst estimates of $0.39 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. Sell-side analysts forecast that IGM Biosciences will post -3.35 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on IGMS shares. Truist Financial decreased their price objective on shares of IGM Biosciences from $12.00 to $2.00 and set a “hold” rating for the company in a research report on Friday, January 10th. JPMorgan Chase & Co. raised IGM Biosciences from an “underweight” rating to a “neutral” rating in a report on Monday, January 13th. Guggenheim cut IGM Biosciences from a “buy” rating to a “neutral” rating in a research report on Friday, January 10th. Wedbush reiterated a “neutral” rating and set a $3.00 target price (down previously from $22.00) on shares of IGM Biosciences in a research report on Friday, January 10th. Finally, Royal Bank of Canada lowered IGM Biosciences from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $20.00 to $1.50 in a research report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating and nine have issued a hold rating to the company. Based on data from MarketBeat, IGM Biosciences presently has an average rating of “Hold” and a consensus price target of $5.50.

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.