IGM Biosciences (NASDAQ:IGMS) PT Lowered to $22.00

by · The Cerbat Gem

IGM Biosciences (NASDAQ:IGMS – Free Report) had its price target decreased by Wedbush from $25.00 to $22.00 in a research report report published on Tuesday, Benzinga reports. Wedbush currently has an outperform rating on the stock. Wedbush also issued estimates for IGM Biosciences’ Q3 2024 earnings at ($0.83) EPS, Q4 2024 earnings at ($0.71) EPS, FY2024 earnings at ($3.16) EPS, Q1 2025 earnings at ($0.46) EPS, Q2 2025 earnings at ($0.38) EPS, Q3 2025 earnings at ($0.40) EPS, Q4 2025 earnings at ($0.40) EPS, FY2025 earnings at ($1.64) EPS, FY2026 earnings at ($1.25) EPS, FY2027 earnings at ($1.58) EPS and FY2028 earnings at ($1.74) EPS.

A number of other equities research analysts have also recently weighed in on IGMS. HC Wainwright cut their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a neutral rating on the stock in a research note on Thursday, September 5th. Royal Bank of Canada restated an outperform rating and set a $20.00 price objective on shares of IGM Biosciences in a research note on Thursday, August 15th. Truist Financial lowered IGM Biosciences from a buy rating to a hold rating and lowered their target price for the stock from $24.00 to $12.00 in a report on Tuesday. Finally, JPMorgan Chase & Co. lowered 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. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, IGM Biosciences has a consensus rating of Hold and an average target price of $14.67.

Check Out Our Latest Stock Report on IGM Biosciences

IGM Biosciences Stock Up 3.5 %

Shares of NASDAQ IGMS opened at $14.90 on Tuesday. IGM Biosciences has a fifty-two week low of $3.81 and a fifty-two week high of $22.50. The firm’s 50-day simple moving average is $11.75 and its 200 day simple moving average is $9.82. The stock has a market cap of $879.46 million, a P/E ratio of -3.46 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS – Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share 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 for the quarter, compared to the consensus estimate of $51.75 million. On average, 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, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the transaction, the director now owns 2,000 shares of the company’s stock, valued at approximately $28,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the firm’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 sale, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the sale, the director now owns 2,000 shares of the company’s stock, valued at $28,000. The disclosure for this sale can be found here. In the last quarter, insiders have sold 21,034 shares of company stock valued at $279,957. 57.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of institutional investors have recently bought and sold shares of the business. Baker BROS. Advisors LP boosted its position in IGM Biosciences by 10.8% during the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after acquiring an additional 397,311 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of IGM Biosciences by 19.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after buying an additional 628,001 shares during the last quarter. Redmile Group LLC lifted its holdings in shares of IGM Biosciences by 3.4% during the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock valued at $29,649,000 after buying an additional 100,936 shares during the last quarter. TD Asset Management Inc lifted its holdings in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of IGM Biosciences by 126.0% during the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after buying an additional 60,593 shares during the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

About IGM Biosciences

(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.

Further Reading