State Board of Administration of Florida Retirement System Acquires Shares of 14,748 IGM Biosciences, Inc. (NASDAQ:IGMS)

State Board of Administration of Florida Retirement System acquired a new stake in shares of IGM Biosciences, Inc. (NASDAQ:IGMSGet Rating) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 14,748 shares of the company’s stock, valued at approximately $266,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Artal Group S.A. raised its stake in IGM Biosciences by 33.3% during the first quarter. Artal Group S.A. now owns 2,000,000 shares of the company’s stock valued at $53,460,000 after buying an additional 500,000 shares in the last quarter. Vanguard Group Inc. raised its stake in IGM Biosciences by 100.0% during the first quarter. Vanguard Group Inc. now owns 830,077 shares of the company’s stock valued at $22,188,000 after buying an additional 415,028 shares in the last quarter. BlackRock Inc. raised its stake in IGM Biosciences by 2.6% during the first quarter. BlackRock Inc. now owns 694,824 shares of the company’s stock valued at $18,573,000 after buying an additional 17,867 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of IGM Biosciences by 6.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 428,087 shares of the company’s stock worth $11,443,000 after purchasing an additional 24,463 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of IGM Biosciences by 79.7% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 102,623 shares of the company’s stock worth $2,744,000 after purchasing an additional 45,502 shares during the period. Institutional investors and hedge funds own 41.20% of the company’s stock.

Insider Transactions at IGM Biosciences

In related news, Director M Kathleen Behrens acquired 60,000 shares of IGM Biosciences stock in a transaction dated Tuesday, November 8th. The stock was acquired at an average cost of $17.14 per share, with a total value of $1,028,400.00. Following the purchase, the director now directly owns 218,200 shares in the company, valued at approximately $3,739,948. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Bruce Keyt sold 5,000 shares of IGM Biosciences stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $19.06, for a total transaction of $95,300.00. Following the transaction, the insider now owns 39,489 shares in the company, valued at $752,660.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director M Kathleen Behrens purchased 60,000 shares of the stock in a transaction dated Tuesday, November 8th. The shares were acquired at an average price of $17.14 per share, for a total transaction of $1,028,400.00. Following the acquisition, the director now directly owns 218,200 shares of the company’s stock, valued at approximately $3,739,948. The disclosure for this purchase can be found here. In the last three months, insiders purchased 66,328 shares of company stock valued at $1,152,743 and sold 40,000 shares valued at $864,100. Corporate insiders own 55.96% of the company’s stock.

IGM Biosciences Stock Performance

Shares of NASDAQ IGMS opened at $20.75 on Tuesday. The stock has a fifty day moving average price of $20.58 and a two-hundred day moving average price of $19.23. The firm has a market cap of $888.66 million, a P/E ratio of -3.65 and a beta of -0.48. IGM Biosciences, Inc. has a 1 year low of $12.67 and a 1 year high of $56.41.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on IGMS. Bank of America began coverage on IGM Biosciences in a research report on Monday, August 29th. They set a “buy” rating and a $34.00 price target on the stock. HC Wainwright dropped their price target on IGM Biosciences from $58.00 to $45.00 and set a “buy” rating on the stock in a research report on Monday, November 7th. JPMorgan Chase & Co. assumed coverage on IGM Biosciences in a research report on Monday, October 17th. They set a “neutral” rating and a $27.00 price target on the stock. Jefferies Financial Group restated a “buy” rating and issued a $55.00 target price (down from $61.00) on shares of IGM Biosciences in a research report on Wednesday, November 9th. Finally, Guggenheim lowered their target price on IGM Biosciences to $40.00 in a research report on Monday, August 15th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.36.

IGM Biosciences Profile

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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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Institutional Ownership by Quarter for IGM Biosciences (NASDAQ:IGMS)

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