IGM Biosciences (NASDAQ:IGMS) Shares Up 6.2% – Here’s Why

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) traded up 6.2% on Monday . The stock traded as high as $10.74 and last traded at $10.66. 206,237 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 306,053 shares. The stock had previously closed at $10.04.

Analysts Set New Price Targets

Several brokerages recently weighed in on IGMS. Wedbush decreased their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Stifel Nicolaus lifted their price target on IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, November 11th. Truist Financial cut IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price target for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st. Guggenheim cut their target price 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, HC Wainwright dropped their price target on 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, three have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $16.13.

IGM Biosciences Trading Down 6.2 %

The company has a market capitalization of $588.65 million, a P/E ratio of -2.72 and a beta of 0.08. The stock has a 50 day moving average price of $13.64 and a 200 day moving average price of $11.14.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The business had revenue of $0.52 million for the quarter, compared to analyst estimates of $0.23 million. On average, research analysts predict that IGM Biosciences, Inc. will post -3.33 EPS for the current year.

Insider Transactions at IGM Biosciences

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences 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 completion of the sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The trade was a 1.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 5,902 shares of company stock valued at $68,109. 57.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On IGM Biosciences

Large investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its stake in shares of IGM Biosciences by 48.4% during the 3rd quarter. Barclays PLC now owns 21,554 shares of the company’s stock valued at $356,000 after buying an additional 7,027 shares in the last quarter. Geode Capital Management LLC boosted its position in IGM Biosciences by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after buying an additional 28,118 shares during the period. Wellington Management Group LLP lifted its position in shares of IGM Biosciences by 42.6% in the 3rd quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock worth $1,627,000 after purchasing an additional 29,374 shares during the period. State Street Corp lifted its position in IGM Biosciences by 2.7% during the third quarter. State Street Corp now owns 469,790 shares of the company’s stock valued at $7,770,000 after acquiring an additional 12,174 shares during the last quarter. Finally, MetLife Investment Management LLC acquired a new position in IGM Biosciences during the 3rd quarter valued at approximately $149,000. 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.