IGM Biosciences, Inc. (NASDAQ:IGMS) Short Interest Down 8.4% in October

IGM Biosciences, Inc. (NASDAQ:IGMS) was the target of a large decline in short interest in the month of October. As of October 31st, there was short interest totalling 3,370,000 shares, a decline of 8.4% from the October 15th total of 3,680,000 shares. Based on an average daily volume of 291,600 shares, the days-to-cover ratio is currently 11.6 days. Approximately 16.3% of the shares of the company are sold short.

IGM Biosciences Price Performance

IGMS traded down $0.25 during trading on Monday, hitting $9.22. 262,270 shares of the stock traded hands, compared to its average volume of 309,670. The business has a 50 day moving average price of $14.89 and a 200 day moving average price of $11.13. IGM Biosciences has a twelve month low of $4.72 and a twelve month high of $22.50. The company has a market cap of $546.92 million, a price-to-earnings ratio of -2.53 and a beta of 0.20.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly 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). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The business had revenue of $0.52 million during the quarter, compared to the consensus estimate of $0.23 million. On average, equities research analysts predict that IGM Biosciences will post -3.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. HC Wainwright cut their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Guggenheim reduced their price target on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada lifted their price objective on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $16.13.

Insider Activity at IGM Biosciences

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the transaction, the chief executive officer now owns 250,124 shares in the company, valued at $2,886,430.96. This trade represents a 1.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 5,902 shares of company stock worth $68,109 in the last ninety days. 57.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. EntryPoint Capital LLC acquired a new position in IGM Biosciences during the 1st quarter worth approximately $152,000. Price T Rowe Associates Inc. MD grew its stake in shares of IGM Biosciences by 19.3% during 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 last quarter. Baker BROS. Advisors LP increased its holdings 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 worth $39,452,000 after buying an additional 397,311 shares in the last quarter. Redmile Group LLC lifted its stake in shares of IGM Biosciences by 3.4% in the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after acquiring an additional 100,936 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new position in shares of IGM Biosciences in the 1st quarter valued at $758,000. Institutional investors 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.