IGM Biosciences (NASDAQ:IGMS) Shares Gap Up to $9.65

IGM Biosciences, Inc. (NASDAQ:IGMS)’s share price gapped up prior to trading on Monday . The stock had previously closed at $9.65, but opened at $10.47. IGM Biosciences shares last traded at $9.91, with a volume of 74,720 shares trading hands.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IGMS. Royal Bank of Canada raised shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $9.00 to $21.00 in a research note on Friday, February 9th. Bank of America cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 price target for the company. in a research note on Friday, December 15th. Finally, HC Wainwright cut shares of IGM Biosciences from a “buy” rating to a “neutral” rating and dropped their price target for the company from $11.00 to $7.00 in a research note on Thursday, December 7th. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, IGM Biosciences presently has an average rating of “Hold” and an average target price of $17.80.

IGM Biosciences Trading Down 3.3 %

The stock’s 50-day moving average is $12.00 and its two-hundred day moving average is $8.63.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Thursday, March 7th. The company reported ($1.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.05. The company had revenue of $0.65 million for the quarter, compared to analyst estimates of $0.95 million. IGM Biosciences had a negative net margin of 11,568.83% and a negative return on equity of 103.20%. As a group, analysts expect that IGM Biosciences, Inc. will post -3.23 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other IGM Biosciences news, Director Bros. Advisors Lp Baker bought 97,473 shares of IGM Biosciences stock in a transaction on Thursday, March 28th. The shares were bought at an average cost of $9.62 per share, for a total transaction of $937,690.26. Following the acquisition, the director now directly owns 3,753,480 shares in the company, valued at $36,108,477.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other IGM Biosciences news, Director Bros. Advisors Lp Baker bought 97,473 shares of IGM Biosciences stock in a transaction on Thursday, March 28th. The shares were bought at an average cost of $9.62 per share, for a total transaction of $937,690.26. Following the acquisition, the director now directly owns 3,753,480 shares in the company, valued at $36,108,477.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fred Schwarzer sold 4,765 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $9.88, for a total transaction of $47,078.20. Following the sale, the chief executive officer now owns 220,833 shares in the company, valued at $2,181,830.04. The disclosure for this sale can be found here. Insiders have sold a total of 8,191 shares of company stock worth $80,927 in the last ninety days. 56.91% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On IGM Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Ensign Peak Advisors Inc raised its holdings in shares of IGM Biosciences by 27.7% in the 3rd quarter. Ensign Peak Advisors Inc now owns 1,890 shares of the company’s stock valued at $43,000 after purchasing an additional 410 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in IGM Biosciences in the first quarter valued at approximately $30,000. US Bancorp DE grew its holdings in IGM Biosciences by 608.4% in the first quarter. US Bancorp DE now owns 2,437 shares of the company’s stock valued at $65,000 after purchasing an additional 2,093 shares during the period. Captrust Financial Advisors purchased a new stake in IGM Biosciences in the second quarter valued at approximately $50,000. Finally, Lazard Asset Management LLC purchased a new stake in IGM Biosciences during the second quarter worth approximately $26,000. 42.79% of the stock is currently owned by institutional investors and hedge funds.

About IGM Biosciences

IGM Biosciences, Inc, a clinical-stage biotechnology company, develops Immunoglobulin M (IgM) antibodies for the treatment of cancer and autoimmune and inflammatory diseases. It develops Aplitabart, a Death Receptor 5 Agonist IgM antibody for the treatment of colorectal cancer; imvotamab, a CD20 x CD3 bispecific IgM antibody to treat myositis, as well as for the treatment of systemic lupus erythematosus and rheumatoid arthritis that is Phase Ib clinical trial; and IGM-2644, a bispecific T cell engaging IgM antibody targeting CD38 and CD3 proteins for the treatment of autoimmune diseases.