Brokerages Set IGM Biosciences, Inc. (NASDAQ:IGMS) PT at $16.13

IGM Biosciences, Inc. (NASDAQ:IGMS) has been given a consensus rating of “Hold” by the eight research firms that are currently covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $16.13.

IGMS has been the topic of a number of recent research reports. 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 note on Tuesday, October 1st. HC Wainwright cut their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research note on Thursday, September 5th. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $12.00 to $9.00 in a research note on Tuesday, October 1st. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and cut their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada boosted their target price on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th.

IGM Biosciences Stock Up 0.6 %

Shares of IGMS opened at $9.46 on Wednesday. The stock’s fifty day simple moving average is $14.39 and its 200-day simple moving average is $11.11. The firm has a market capitalization of $562.49 million, a PE ratio of -2.60 and a beta of 0.20. IGM Biosciences has a 12-month low of $4.72 and a 12-month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Friday, November 8th. The company reported ($1.01) earnings per share (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 analyst estimates of $0.23 million. IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. Analysts anticipate that IGM Biosciences will post -3.28 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction that occurred on 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 directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. The trade was a 1.55 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold 5,902 shares of company stock worth $68,109 over the last ninety days. 57.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its position in shares of IGM Biosciences by 19.3% during 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 acquiring an additional 628,001 shares in the last quarter. Baker BROS. Advisors LP boosted its stake in IGM Biosciences by 10.8% in the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after purchasing an additional 397,311 shares during the period. Redmile Group LLC increased its holdings in IGM Biosciences by 3.4% during the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after purchasing an additional 100,936 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of IGM Biosciences in the 1st quarter valued at about $758,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares in the last quarter. Institutional investors own 42.79% of the company’s stock.

IGM Biosciences Company Profile

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.