IGM Biosciences (NASDAQ:IGMS) Receives “Neutral” Rating from HC Wainwright

IGM Biosciences (NASDAQ:IGMS)‘s stock had its “neutral” rating reissued by equities research analysts at HC Wainwright in a report released on Thursday, Benzinga reports. They currently have a $12.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 47.60% from the stock’s previous close.

Separately, Royal Bank of Canada raised IGM Biosciences from a “sector perform” rating to an “outperform” rating and upped their target price for the stock from $9.00 to $21.00 in a research report on Friday, February 9th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, IGM Biosciences has an average rating of “Moderate Buy” and a consensus price target of $17.44.

IGM Biosciences Stock Down 11.6 %

NASDAQ IGMS opened at $8.13 on Thursday. IGM Biosciences has a 12-month low of $3.81 and a 12-month high of $17.70. The company has a market capitalization of $477.96 million, a PE ratio of -1.69 and a beta of 0.26. The firm’s 50 day moving average is $11.44 and its 200-day moving average is $8.73.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings data on Thursday, March 7th. The company reported ($1.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.05. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. The company had revenue of $0.65 million for the quarter, compared to the consensus estimate of $0.95 million. As a group, sell-side analysts expect that IGM Biosciences will post -3.23 EPS for the current year.

Insider Transactions at IGM Biosciences

In related news, Director Bros. Advisors Lp Baker bought 97,473 shares of IGM Biosciences stock in a transaction on Thursday, March 28th. The stock was acquired at an average price of $9.62 per share, with a total value of $937,690.26. Following the acquisition, the director now directly owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other IGM Biosciences news, Director Bros. Advisors Lp Baker acquired 97,473 shares of the business’s stock in a transaction dated Thursday, March 28th. The stock was bought at an average price of $9.62 per share, with a total value of $937,690.26. Following the completion of the acquisition, the director now owns 3,753,480 shares of the company’s stock, valued at $36,108,477.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Misbah Tahir sold 2,897 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total value of $28,622.36. Following the completion of the sale, the chief financial officer now owns 92,961 shares of the company’s stock, valued at approximately $918,454.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,191 shares of company stock worth $80,927. 56.91% of the stock is owned by company insiders.

Institutional Trading of IGM Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD increased its stake in shares of IGM Biosciences by 0.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,260,022 shares of the company’s stock valued at $27,091,000 after buying an additional 17,307 shares during the period. Goldman Sachs Group Inc. grew its stake in IGM Biosciences by 127.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock worth $8,647,000 after purchasing an additional 583,516 shares during the period. Vanguard Group Inc. grew its stake in IGM Biosciences by 29.1% in the third quarter. Vanguard Group Inc. now owns 900,007 shares of the company’s stock worth $7,515,000 after purchasing an additional 202,719 shares during the period. BlackRock Inc. grew its stake in shares of IGM Biosciences by 11.2% in the second quarter. BlackRock Inc. now owns 857,171 shares of the company’s stock worth $7,912,000 after acquiring an additional 86,575 shares during the last quarter. Finally, FMR LLC grew its stake in shares of IGM Biosciences by 22.4% in the first quarter. FMR LLC now owns 845,591 shares of the company’s stock worth $11,618,000 after acquiring an additional 154,633 shares during 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.