IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $16.63 Average Target Price from Analysts

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) have earned a consensus recommendation of “Hold” from the nine brokerages that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $14.67.

A number of research firms recently weighed in on IGMS. Wedbush decreased their price objective on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $12.00 to $9.00 in a research note on Tuesday, October 1st. Royal Bank of Canada cut their price objective on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 1st. HC Wainwright decreased their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Finally, Truist Financial lowered shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the stock from $24.00 to $12.00 in a report on Tuesday, October 1st.

IGM Biosciences Trading Down 11.0 %

NASDAQ:IGMS opened at $13.72 on Tuesday. The stock’s 50-day moving average is $11.83 and its 200-day moving average is $9.85. IGM Biosciences has a 1-year low of $3.81 and a 1-year high of $22.50. The stock has a market cap of $809.81 million, a P/E ratio of -3.30 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last posted its earnings results 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). The business had revenue of $1.25 million for the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. As a group, equities analysts forecast that IGM Biosciences will post -3.13 EPS for the current year.

Insider Activity

In related news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at $28,000. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the firm’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 sale, the chief executive officer now 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 sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Julie Hambleton sold 15,132 shares of the company’s 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 directly owns 2,000 shares in the company, valued at $28,000. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,034 shares of company stock worth $279,957 in the last quarter. 57.00% of the stock is owned by corporate insiders.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quest Partners LLC grew its holdings in shares of IGM Biosciences by 71.4% during the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the last quarter. AQR Capital Management LLC bought a new position in IGM Biosciences in the 2nd quarter valued at about $84,000. XTX Topco Ltd boosted its stake in IGM Biosciences by 70.9% during the 2nd 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. EntryPoint Capital LLC bought a new stake in IGM Biosciences during the 1st quarter worth approximately $152,000. Finally, Rhumbline Advisers increased its holdings in IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares in the last quarter. 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.