IGM Biosciences (NASDAQ:IGMS) Downgraded by Truist Financial

by · The Markets Daily

Truist Financial lowered shares of IGM Biosciences (NASDAQ:IGMS – Free Report) from a buy rating to a hold rating in a report released on Tuesday, Marketbeat Ratings reports. The firm currently has $12.00 price objective on the stock, down from their previous price objective of $24.00.

IGMS has been the topic of several other research reports. JPMorgan Chase & Co. boosted their price target on shares of IGM Biosciences from $11.00 to $12.00 and gave the company a neutral rating in a research report on Thursday, August 15th. Royal Bank of Canada reissued an outperform rating and set a $20.00 target price on shares of IGM Biosciences in a report on Thursday, August 15th. 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 report on Thursday, September 5th. Finally, Wedbush reiterated an outperform rating and issued a $25.00 price target (up from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $14.67.

Get Our Latest Stock Report on IGMS

IGM Biosciences Price Performance

Shares of IGMS opened at $14.90 on Tuesday. IGM Biosciences has a 1 year low of $3.81 and a 1 year high of $22.50. The stock’s fifty day moving average price is $11.75 and its two-hundred day moving average price is $9.82. The firm has a market cap of $879.46 million, a PE ratio of -3.46 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS – Get Free Report) last announced its quarterly earnings data 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). The firm had revenue of $1.25 million during the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. Sell-side analysts anticipate that IGM Biosciences will post -3.13 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the completion of the transaction, the chief executive officer now directly owns 250,124 shares in the company, valued at $2,886,430.96. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the sale, the director now owns 2,000 shares in the company, valued at approximately $28,000. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $11.54, for a total value of $45,536.84. Following the sale, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,034 shares of company stock worth $279,957. Corporate insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

A number of large investors have recently modified their holdings of IGMS. Pennant Investors LP bought a new position in IGM Biosciences during the fourth quarter valued at approximately $539,000. Susquehanna Fundamental Investments LLC bought a new position in shares of IGM Biosciences during the 1st quarter valued at $268,000. EntryPoint Capital LLC bought a new stake in IGM Biosciences in the first quarter worth $152,000. Price T Rowe Associates Inc. MD lifted its stake in IGM Biosciences by 19.3% in 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 purchasing an additional 628,001 shares during the last quarter. Finally, Baker BROS. Advisors LP boosted its position in IGM Biosciences by 10.8% during the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after buying an additional 397,311 shares during the period. 42.79% of the stock is owned by hedge funds and other institutional investors.

IGM Biosciences Company Profile

(Get Free Report)

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.

Featured Articles