IGM Biosciences, Inc. (NASDAQ:IGMS) Given Consensus Recommendation of “Buy” by Brokerages

IGM Biosciences, Inc. (NASDAQ:IGMSGet Rating) has been given an average rating of “Buy” by the ten ratings firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and five have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $62.67.

A number of equities analysts recently commented on IGMS shares. HC Wainwright dropped their price objective on IGM Biosciences from $76.00 to $59.00 and set a “buy” rating on the stock in a report on Thursday, March 31st. Guggenheim dropped their price objective on IGM Biosciences from $100.00 to $55.00 in a report on Monday, January 3rd. Robert W. Baird dropped their price objective on IGM Biosciences from $65.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday, April 4th. Morgan Stanley increased their price objective on IGM Biosciences from $25.00 to $30.00 and gave the stock an “equal weight” rating in a report on Wednesday, March 30th. Finally, Truist Financial dropped their price objective on IGM Biosciences from $80.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, March 30th.

In other IGM Biosciences news, insider Bruce Keyt sold 2,500 shares of the business’s stock in a transaction dated Wednesday, April 6th. The stock was sold at an average price of $25.00, for a total transaction of $62,500.00. Following the completion of the sale, the insider now directly owns 40,015 shares of the company’s stock, valued at approximately $1,000,375. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael D. Loberg acquired 21,739 shares of the company’s stock in a transaction on Friday, April 1st. The shares were purchased at an average cost of $23.00 per share, with a total value of $499,997.00. Following the completion of the acquisition, the director now directly owns 2,646 shares in the company, valued at approximately $60,858. The disclosure for this purchase can be found here. Company insiders own 61.92% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. DekaBank Deutsche Girozentrale grew its position in shares of IGM Biosciences by 9.6% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 9,100 shares of the company’s stock valued at $235,000 after purchasing an additional 800 shares during the period. Norges Bank acquired a new position in shares of IGM Biosciences in the 4th quarter valued at approximately $1,011,000. Walleye Capital LLC acquired a new position in shares of IGM Biosciences in the 4th quarter valued at approximately $1,030,000. BlackRock Inc. grew its position in shares of IGM Biosciences by 5.7% in the 4th quarter. BlackRock Inc. now owns 676,957 shares of the company’s stock valued at $19,855,000 after purchasing an additional 36,220 shares during the period. Finally, Millennium Management LLC grew its position in shares of IGM Biosciences by 259.8% in the 4th quarter. Millennium Management LLC now owns 163,754 shares of the company’s stock valued at $4,803,000 after purchasing an additional 118,240 shares during the period. Institutional investors and hedge funds own 42.92% of the company’s stock.

Shares of IGMS opened at $19.10 on Tuesday. The company has a market capitalization of $786.73 million, a price-to-earnings ratio of -3.87 and a beta of -0.13. IGM Biosciences has a fifty-two week low of $13.11 and a fifty-two week high of $99.44. The business’s 50-day moving average is $18.41 and its 200-day moving average is $29.79.

IGM Biosciences (NASDAQ:IGMSGet Rating) last issued its earnings results on Tuesday, March 29th. The company reported ($1.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.58) by $0.08. During the same period last year, the company posted ($0.79) earnings per share. On average, equities analysts predict that IGM Biosciences will post -6.17 earnings per share for the current year.

IGM Biosciences Company Profile (Get Rating)

IGM Biosciences, Inc, a biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of multiple diseases. Its lead product candidate is IGM-2323, a bispecific IgM antibody that is in Phase 1 clinical trials to treat patients with relapsed/refractory B cell Non-Hodgkin's lymphoma (NHL).

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