IGM Biosciences (NASDAQ:IGMS) Stock Price Up 7.7% – Here’s Why

by · The Markets Daily

IGM Biosciences, Inc. (NASDAQ:IGMS – Get Free Report)’s share price traded up 7.7% during mid-day trading on Monday . The company traded as high as $18.14 and last traded at $18.14. 13,906 shares traded hands during trading, a decline of 96% from the average session volume of 313,242 shares. The stock had previously closed at $16.84.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wedbush dropped their target price 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, October 1st. Guggenheim cut their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Royal Bank of Canada boosted their price target on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, HC Wainwright lowered their target price 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. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $15.00.

Read Our Latest Stock Analysis on IGMS

IGM Biosciences Stock Performance

The company has a market cap of $1.02 billion, a P/E ratio of -4.70 and a beta of 0.21. The firm’s 50 day moving average price is $13.97 and its two-hundred day moving average price is $10.64.

IGM Biosciences (NASDAQ:IGMS – Get Free Report) last issued its earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The firm had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. As a group, analysts forecast that IGM Biosciences, Inc. will post -3.17 EPS for the current fiscal year.

Insider Activity at IGM Biosciences

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. This trade 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 accessible through this hyperlink. In the last 90 days, insiders sold 5,902 shares of company stock valued at $68,109. 57.00% of the stock is owned by company insiders.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC grew its holdings in IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares in the last quarter. AQR Capital Management LLC purchased a new position in IGM Biosciences during the 2nd quarter worth $84,000. EntryPoint Capital LLC bought a new stake in shares of IGM Biosciences in the 1st quarter worth $152,000. XTX Topco Ltd raised its holdings in shares of IGM Biosciences by 70.9% in the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after purchasing an additional 8,467 shares during the last quarter. Finally, Rhumbline Advisers boosted its holdings in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares during the last quarter. 42.79% of the stock is owned by 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.

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