IGM Biosciences (NASDAQ:IGMS) Price Target Raised to $27.00

IGM Biosciences (NASDAQ:IGMS) had its price target hoisted by Stifel Nicolaus from $25.00 to $27.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

Other research analysts also recently issued reports about the stock. Guggenheim reduced their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Royal Bank of Canada increased their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Truist Financial cut IGM Biosciences from a “buy” rating to a “hold” rating and cut their price objective for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $12.00 to $9.00 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, four have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $15.22.

IGM Biosciences Stock Performance

IGMS stock opened at $11.15 on Monday. The firm’s 50-day moving average price is $14.88 and its two-hundred day moving average price is $11.12. IGM Biosciences has a 12-month low of $4.55 and a 12-month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings results on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The business had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. Equities research analysts anticipate that IGM Biosciences will post -3.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 completion of the transaction, the chief executive officer now owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 5,902 shares of company stock valued at $68,109. 57.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. MetLife Investment Management LLC bought a new stake in IGM Biosciences in the 3rd quarter worth about $149,000. The Manufacturers Life Insurance Company grew its stake in shares of IGM Biosciences by 8.2% in the third quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock worth $1,234,000 after acquiring an additional 5,683 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of IGM Biosciences by 12.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock worth $2,455,000 after acquiring an additional 16,072 shares during the period. Point72 Asset Management L.P. bought a new position in IGM Biosciences during the second quarter valued at approximately $187,000. Finally, AQR Capital Management LLC purchased a new stake in IGM Biosciences in the second quarter worth approximately $84,000. Hedge funds and other 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.