IGM Biosciences (NASDAQ:IGMS) Stock Rating Lowered by Truist Financial

IGM Biosciences (NASDAQ:IGMS) was downgraded by stock analysts at Truist Financial from a “buy” rating to a “hold” rating in a research report issued on Tuesday, MarketBeat reports. They presently have a $12.00 price target on the stock, down from their prior price target of $24.00. Truist Financial’s target price would suggest a potential downside of 16.67% from the company’s previous close.

Several other equities research analysts also recently issued reports on IGMS. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 price objective on shares of IGM Biosciences in a research note on Thursday, August 15th. Wedbush reissued an “outperform” rating and set a $25.00 target price (up from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. JPMorgan Chase & Co. boosted 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. Finally, HC Wainwright reduced their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, IGM Biosciences presently has a consensus rating of “Hold” and an average target price of $14.67.

IGM Biosciences Stock Performance

IGM Biosciences stock opened at $14.40 on Tuesday. IGM Biosciences has a 1 year low of $3.81 and a 1 year high of $22.50. The firm has a 50 day moving average price of $11.69 and a 200 day moving average price of $9.78. The company has a market cap of $849.95 million, a price-to-earnings ratio of -3.34 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (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 company had revenue of $1.25 million during the quarter, compared to analysts’ expectations of $51.75 million. Sell-side analysts predict that IGM Biosciences will post -3.13 EPS for the current year.

Insider Activity at IGM Biosciences

In related news, Director Julie Hambleton sold 15,132 shares of the company’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 directly owns 2,000 shares of the company’s stock, valued at $28,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Julie Hambleton sold 15,132 shares of the company’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 directly owns 2,000 shares of the company’s stock, valued at $28,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $11.54, for a total transaction of $45,536.84. Following the completion of the sale, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. The disclosure for this sale can be found here. Insiders have sold 21,034 shares of company stock valued at $279,957 over the last ninety days. Corporate insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

Institutional investors and hedge funds have recently modified their holdings of the business. Quest Partners LLC raised its holdings in shares of IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares during the period. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences during the second quarter worth $84,000. EntryPoint Capital LLC acquired a new stake in shares of IGM Biosciences during the first quarter worth $152,000. XTX Topco Ltd raised its holdings in shares of 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 purchasing an additional 8,467 shares during the period. Finally, Rhumbline Advisers raised its holdings in shares of IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares during the period. 42.79% of the stock is 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.