IGM Biosciences (NASDAQ:IGMS) Shares Gap Down to $20.96

IGM Biosciences, Inc. (NASDAQ:IGMSGet Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $20.96, but opened at $20.48. IGM Biosciences shares last traded at $21.21, with a volume of 556 shares.

Analysts Set New Price Targets

A number of analysts recently issued reports on IGMS shares. Bank of America assumed coverage on IGM Biosciences in a research note on Monday, August 29th. They set a “buy” rating and a $34.00 target price for the company. Robert W. Baird decreased their price target on shares of IGM Biosciences from $46.00 to $31.00 and set an “outperform” rating for the company in a research note on Wednesday, June 1st. Guggenheim decreased their price target on shares of IGM Biosciences to $40.00 in a research note on Monday, August 15th. Finally, Truist Financial decreased their price target on shares of IGM Biosciences from $74.00 to $37.00 and set a “buy” rating for the company in a research note on Tuesday, August 23rd. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $53.00.

IGM Biosciences Stock Performance

The company has a market cap of $840.33 million, a price-to-earnings ratio of -3.48 and a beta of -0.32. The firm has a fifty day moving average price of $20.24 and a 200 day moving average price of $18.75.

IGM Biosciences (NASDAQ:IGMSGet Rating) last released its quarterly earnings data on Monday, August 8th. The company reported ($1.33) EPS for the quarter, beating the consensus estimate of ($1.44) by $0.11. The company had revenue of $0.37 million during the quarter, compared to analyst estimates of $38.91 million. During the same period in the previous year, the company posted ($1.16) EPS. On average, analysts expect that IGM Biosciences, Inc. will post -5.82 EPS for the current fiscal year.

Insider Buying and Selling at IGM Biosciences

In other IGM Biosciences news, insider Bruce Keyt sold 8,700 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $22.82, for a total transaction of $198,534.00. Following the completion of the sale, the insider now owns 39,489 shares of the company’s stock, valued at approximately $901,138.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 30,000 shares of company stock valued at $622,107 in the last quarter. 55.96% of the stock is currently owned by insiders.

Institutional Investors Weigh In On IGM Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in IGM Biosciences by 16.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,622,873 shares of the company’s stock valued at $47,290,000 after purchasing an additional 376,832 shares during the last quarter. Artal Group S.A. increased its position in IGM Biosciences by 33.3% during the 1st quarter. Artal Group S.A. now owns 2,000,000 shares of the company’s stock worth $53,460,000 after buying an additional 500,000 shares during the period. Vanguard Group Inc. increased its position in IGM Biosciences by 100.0% during the 1st quarter. Vanguard Group Inc. now owns 830,077 shares of the company’s stock worth $22,188,000 after buying an additional 415,028 shares during the period. BlackRock Inc. increased its position in IGM Biosciences by 2.6% during the 1st quarter. BlackRock Inc. now owns 694,824 shares of the company’s stock worth $18,573,000 after buying an additional 17,867 shares during the period. Finally, Millennium Management LLC increased its position in IGM Biosciences by 166.3% during the 2nd quarter. Millennium Management LLC now owns 589,401 shares of the company’s stock worth $10,627,000 after buying an additional 368,089 shares during the period. Institutional investors and hedge funds own 41.20% of the company’s stock.

IGM Biosciences Company Profile

(Get Rating)

IGM Biosciences, Inc, a biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer, infectious diseases, and autoimmune and inflammatory diseases. The company's lead product candidate is IGM-2323, a bispecific IgM antibody that is in Phase 2 clinical trials to treat patients with relapsed/refractory B cell Non-Hodgkin's lymphoma (NHL).

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