Brokerages Set IGM Biosciences, Inc. (NASDAQ:IGMS) Target Price at $29.78

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS – Get Rating) have been assigned a consensus recommendation of “Moderate Buy” from the nine analysts that are covering the company, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $29.78.

Several research firms have recently commented on IGMS. Morgan Stanley lowered their price objective on shares of IGM Biosciences from $30.00 to $20.00 and set an “equal weight” rating for the company in a research note on Monday, April 3rd. JPMorgan Chase & Co. dropped their price target on IGM Biosciences from $27.00 to $26.00 and set a “neutral” rating on the stock in a research note on Monday, April 3rd. Guggenheim reduced their price objective on IGM Biosciences from $40.00 to $38.00 in a research note on Monday, May 15th. Royal Bank of Canada dropped their target price on IGM Biosciences from $21.00 to $17.00 in a research report on Monday, May 15th. Finally, HC Wainwright reduced their price target on shares of IGM Biosciences from $45.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, April 3rd.

Insider Activity at IGM Biosciences

In other news, insider Chris H. Takimoto sold 1,768 shares of the firm’s stock in a transaction that occurred on Tuesday, March 14th. The shares were sold at an average price of $18.73, for a total transaction of $33,114.64. Following the sale, the insider now owns 28,789 shares of the company’s stock, valued at approximately $539,217.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 55.96% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new position in shares of IGM Biosciences in the 1st quarter valued at about $30,000. Ensign Peak Advisors Inc raised its position in shares of IGM Biosciences by 27.7% during the 3rd quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock worth $43,000 after purchasing an additional 410 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of IGM Biosciences during the second quarter valued at approximately $50,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of IGM Biosciences in the third quarter worth approximately $62,000. Finally, US Bancorp DE increased its position in shares of IGM Biosciences by 608.4% during the first quarter. US Bancorp DE now owns 2,437 shares of the company’s stock worth $65,000 after purchasing an additional 2,093 shares in the last quarter. Institutional investors and hedge funds own 41.41% of the company’s stock.

IGM Biosciences Price Performance

Shares of NASDAQ:IGMS opened at $12.21 on Friday. The business’s 50-day moving average is $13.17 and its 200 day moving average is $18.19. IGM Biosciences has a 1 year low of $9.74 and a 1 year high of $28.20. The firm has a market capitalization of $526.01 million, a P/E ratio of -2.36 and a beta of -0.23.

IGM Biosciences (NASDAQ:IGMS – Get Rating) last posted its quarterly earnings data on Thursday, March 30th. The company reported ($1.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.53) by $0.34. The firm had revenue of $0.37 million for the quarter, compared to the consensus estimate of $15.27 million. IGM Biosciences had a negative net margin of 14,363.10% and a negative return on equity of 74.30%. During the same quarter in the prior year, the company posted ($1.50) earnings per share. On average, analysts expect that IGM Biosciences will post -5.96 EPS for the current year.

About IGM Biosciences

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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).