IGM Biosciences (NASDAQ:IGMS) Trading 10.1% Higher – Time to Buy?

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price shot up 10.1% during trading on Friday . The company traded as high as $16.60 and last traded at $16.40. 40,007 shares traded hands during trading, a decline of 88% from the average session volume of 321,116 shares. The stock had previously closed at $14.90.

Analyst Ratings Changes

A number of brokerages have issued reports on IGMS. Guggenheim cut their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. 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, October 1st. HC Wainwright lowered their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. lowered 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, October 1st. Finally, Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and decreased their target price for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $14.67.

IGM Biosciences Trading Up 3.4 %

The company has a market cap of $909.56 million, a PE ratio of -3.58 and a beta of 0.21. The stock has a 50 day moving average price of $11.83 and a 200 day moving average price of $9.85.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). The firm had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. Equities analysts expect that IGM Biosciences, Inc. will post -3.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Julie Hambleton sold 15,132 shares of IGM Biosciences stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the firm’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 transaction of $211,848.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at $28,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction 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 directly owns 250,124 shares in the company, valued at $2,886,430.96. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,034 shares of company stock valued at $279,957 over the last quarter. Corporate insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Baker BROS. Advisors LP grew its holdings in shares of IGM Biosciences by 10.8% during the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after buying an additional 397,311 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in IGM Biosciences by 19.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after purchasing an additional 628,001 shares during the last quarter. Redmile Group LLC increased its holdings in shares of IGM Biosciences by 3.4% in 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. TD Asset Management Inc raised its stake in shares of IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after purchasing an additional 5,350 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of IGM Biosciences by 126.0% during 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. 42.79% of the stock is currently owned by institutional investors.

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.