IGM Biosciences (NASDAQ:IGMS) Price Target Lowered to $20.00 at Guggenheim

IGM Biosciences (NASDAQ:IGMS) had its price target lowered by Guggenheim from $25.00 to $20.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other research analysts have also recently issued reports on the company. Royal Bank of Canada cut their price target on IGM Biosciences from $20.00 to $17.00 and set an outperform rating for the company in a report on Tuesday. Wedbush lowered their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an outperform rating for the company in a research report on Tuesday. 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. Truist Financial lowered 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. Finally, JPMorgan Chase & Co. downgraded IGM Biosciences from a neutral rating to an underweight rating and reduced their price objective for the stock from $12.00 to $9.00 in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, IGM Biosciences currently has an average rating of Hold and a consensus price target of $14.67.

IGM Biosciences Price Performance

IGMS opened at $15.41 on Tuesday. The company has a market capitalization of $909.56 million, a P/E ratio of -3.58 and a beta of 0.21. The firm’s fifty day moving average price is $11.83 and its two-hundred day moving average price is $9.85. IGM Biosciences has a fifty-two week low of $3.81 and a fifty-two week high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. On average, equities research analysts expect that IGM Biosciences will post -3.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, 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 transaction, the director now owns 2,000 shares in the company, valued at $28,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction dated Thursday, July 25th. The stock was 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 approximately $28,000. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Fred Schwarzer sold 3,946 shares of the business’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 completion of the sale, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,034 shares of company stock worth $279,957. Company insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Large investors have recently bought and sold shares of the company. Quest Partners LLC raised its holdings in shares of IGM Biosciences by 71.4% in the second 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 last quarter. AQR Capital Management LLC acquired a new stake in IGM Biosciences in the 2nd quarter valued at $84,000. EntryPoint Capital LLC bought a new stake in IGM Biosciences during the 1st quarter worth about $152,000. XTX Topco Ltd grew its holdings in shares of IGM Biosciences by 70.9% in the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after acquiring an additional 8,467 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in shares of IGM Biosciences by 13.1% in the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after acquiring an additional 2,635 shares in the last quarter. 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.