IGM Biosciences (NASDAQ:IGMS) Shares Gap Up to $12.95

IGM Biosciences, Inc. (NASDAQ:IGMSGet Free Report)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $12.95, but opened at $14.48. IGM Biosciences shares last traded at $14.81, with a volume of 129,506 shares changing hands.

Analyst Upgrades and Downgrades

IGMS has been the topic of a number of research analyst reports. Bank of America lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 price objective on the stock. in a report on Friday, December 15th. Stifel Nicolaus decreased their price objective on shares of IGM Biosciences from $26.00 to $25.00 and set a “buy” rating on the stock in a report on Tuesday, November 14th. Royal Bank of Canada raised shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and increased their price objective for the stock from $9.00 to $21.00 in a report on Friday. HC Wainwright lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $11.00 to $7.00 in a report on Thursday, December 7th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $16.00 target price (down previously from $19.00) on shares of IGM Biosciences in a research note on Tuesday, November 14th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $17.80.

Read Our Latest Stock Analysis on IGMS

IGM Biosciences Stock Performance

The firm has a market capitalization of $846.66 million, a price-to-earnings ratio of -2.91 and a beta of 0.25. The business’s 50-day moving average is $9.41 and its two-hundred day moving average is $7.59.

IGM Biosciences (NASDAQ:IGMSGet Free Report) last announced its quarterly earnings results on Monday, November 13th. The company reported ($1.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.21. The business had revenue of $0.51 million for the quarter, compared to the consensus estimate of $0.73 million. IGM Biosciences had a negative net margin of 12,873.96% and a negative return on equity of 91.73%. Analysts forecast that IGM Biosciences, Inc. will post -4.88 EPS for the current year.

Insider Activity at IGM Biosciences

In related news, Director Bros. Advisors Lp Baker bought 288,007 shares of the company’s stock in a transaction on Friday, December 15th. The shares were purchased at an average cost of $6.55 per share, for a total transaction of $1,886,445.85. Following the acquisition, the director now owns 3,390,323 shares of the company’s stock, valued at approximately $22,206,615.65. The purchase was disclosed in a filing with the SEC, which is available at this link. In related news, Director Bros. Advisors Lp Baker bought 288,007 shares of the company’s stock in a transaction on Friday, December 15th. The shares were purchased at an average cost of $6.55 per share, for a total transaction of $1,886,445.85. Following the acquisition, the director now owns 3,390,323 shares of the company’s stock, valued at approximately $22,206,615.65. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Fred Schwarzer sold 17,576 shares of the firm’s stock in a transaction that occurred on Wednesday, December 13th. The stock was sold at an average price of $5.78, for a total transaction of $101,589.28. Following the sale, the chief executive officer now owns 102,848 shares in the company, valued at $594,461.44. The disclosure for this sale can be found here. Insiders have sold 28,600 shares of company stock worth $164,181 in the last ninety days. Company insiders own 56.91% of the company’s stock.

Institutional Trading of IGM Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. TD Asset Management Inc raised its holdings in shares of IGM Biosciences by 120.9% in the second quarter. TD Asset Management Inc now owns 41,726 shares of the company’s stock valued at $385,000 after purchasing an additional 22,833 shares during the last quarter. Maven Securities LTD acquired a new stake in shares of IGM Biosciences in the second quarter valued at approximately $229,000. RA Capital Management L.P. acquired a new stake in shares of IGM Biosciences in the second quarter valued at approximately $8,653,000. Artal Group S.A. raised its holdings in shares of IGM Biosciences by 0.5% in the second quarter. Artal Group S.A. now owns 2,522,244 shares of the company’s stock valued at $23,280,000 after purchasing an additional 12,272 shares during the last quarter. Finally, Great Point Partners LLC bought a new position in shares of IGM Biosciences in the second quarter valued at $4,615,000. 56.21% of the stock is currently owned by institutional investors and hedge funds.

IGM Biosciences Company Profile

(Get Free Report)

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer, infectious diseases, and autoimmune and inflammatory diseases. The company's product candidate, including imvotamab (IGM-2323), an IgM-based CD20 x CD3 bispecific antibody T cell engager that is in Phase 2 clinical trials for the treatment of B cell non-Hodgkin's lymphoma (NHL).

Featured Articles

Receive News & Ratings for IGM Biosciences Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for IGM Biosciences and related companies with MarketBeat.com's FREE daily email newsletter.