IGM Biosciences (NASDAQ:IGMS) Shares Gap Down Following Analyst Downgrade

IGM Biosciences, Inc. (NASDAQ:IGMS) shares gapped down prior to trading on Tuesday after Guggenheim lowered their price target on the stock from $25.00 to $20.00. The stock had previously closed at $16.54, but opened at $11.43. Guggenheim currently has a buy rating on the stock. IGM Biosciences shares last traded at $14.34, with a volume of 291,886 shares traded.

Other analysts also recently issued research reports about the stock. HC Wainwright lowered their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Wedbush decreased their price objective on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday. Royal Bank of Canada cut their target price on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating on the stock in a research note on Tuesday. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the company from $24.00 to $12.00 in a report on Tuesday. Finally, JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $12.00 to $9.00 in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $14.67.

Insider Transactions at IGM Biosciences

In related news, CEO Fred Schwarzer sold 3,946 shares of the business’s 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 sale, the chief executive officer now directly owns 250,124 shares in the company, valued at approximately $2,886,430.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other IGM Biosciences news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction 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 sale, the director now owns 2,000 shares in the company, valued at $28,000. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction on Friday, September 13th. The shares were 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 21,034 shares of company stock worth $279,957. 57.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IGMS. Quest Partners LLC boosted its position in shares of IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after acquiring an additional 4,961 shares during the period. AQR Capital Management LLC purchased a new stake in IGM Biosciences in the 2nd quarter worth approximately $84,000. XTX Topco Ltd boosted its holdings in IGM Biosciences by 70.9% in 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 period. EntryPoint Capital LLC purchased a new position in shares of IGM Biosciences during the 1st quarter valued at $152,000. Finally, Rhumbline Advisers increased its holdings in shares of IGM Biosciences by 13.1% in the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares during the period. Hedge funds and other institutional investors own 42.79% of the company’s stock.

IGM Biosciences Stock Down 12.3 %

The company has a market cap of $855.85 million, a PE ratio of -3.36 and a beta of 0.19. The stock has a 50-day moving average of $11.65 and a 200-day moving average of $9.75.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) 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 net margin of 7,571.35% and a negative return on equity of 119.02%. Research analysts expect that IGM Biosciences, Inc. will post -3.13 EPS for the current year.

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.