IGM Biosciences (NASDAQ:IGMS) Trading 9.8% Higher

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) shot up 9.8% during mid-day trading on Thursday . The company traded as high as $10.98 and last traded at $10.95. 33,236 shares traded hands during trading, a decline of 89% from the average session volume of 305,458 shares. The stock had previously closed at $9.97.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Wedbush reissued an “outperform” rating and issued a $25.00 price objective (up previously from $20.00) on shares of IGM Biosciences in a report on Wednesday, August 14th. Royal Bank of Canada reaffirmed 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 decreased their target price on shares of IGM Biosciences from $25.00 to $24.00 and set a “buy” rating for the company in a research note on Friday, August 23rd. Finally, HC Wainwright restated a “neutral” rating and set a $12.00 price target on shares of IGM Biosciences in a research report on Friday, May 24th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $16.75.

IGM Biosciences Trading Up 3.7 %

The business has a 50-day moving average price of $9.07 and a 200-day moving average price of $9.74. The stock has a market cap of $610.31 million, a PE ratio of -2.31 and a beta of 0.19.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.97). The company had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. Equities analysts expect that IGM Biosciences, Inc. will post -2.31 earnings per share for the current year.

Insider Buying and Selling

In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $14.00, for a total transaction of $211,848.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at $28,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Fred Schwarzer sold 4,164 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the sale, the chief executive officer now directly owns 254,070 shares in the company, valued at $1,925,850.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction that occurred on 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 in the company, valued at approximately $28,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 21,361 shares of company stock worth $259,064. Insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Baker BROS. Advisors LP raised its position in shares of IGM Biosciences by 10.8% during the 1st 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. Price T Rowe Associates Inc. MD lifted its stake in shares of IGM Biosciences by 19.3% in 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 purchasing an additional 628,001 shares during 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 purchasing an additional 100,936 shares during the last quarter. TD Asset Management Inc grew 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 worth $1,130,000 after purchasing an additional 5,350 shares during the period. Finally, Renaissance Technologies LLC increased its position 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 worth $747,000 after purchasing an additional 60,593 shares during the last quarter. 42.79% of the stock is owned by institutional investors and hedge funds.

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.