IGM Biosciences (NASDAQ:IGMS) Trading Down 3.2%

IGM Biosciences, Inc. (NASDAQ:IGMS)’s stock price was down 3.2% during mid-day trading on Wednesday . The company traded as low as $8.85 and last traded at $8.85. Approximately 3,602 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 287,504 shares. The stock had previously closed at $9.14.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on IGMS. Bank of America lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating and set a $8.00 target price on the stock. in a research report on Friday, December 15th. HC Wainwright lowered shares of IGM Biosciences from a “buy” rating to a “neutral” rating and cut their target price for the company from $11.00 to $7.00 in a research report on Thursday, December 7th. Finally, Royal Bank of Canada upgraded shares of IGM Biosciences from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $9.00 to $21.00 in a research report on Friday, February 9th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, IGM Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $16.89.

IGM Biosciences Stock Performance

The business’s fifty day moving average price is $11.85 and its 200 day moving average price is $8.64.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Thursday, March 7th. The company reported ($1.01) 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%. Research analysts forecast that IGM Biosciences, Inc. will post -3.23 EPS for the current year.

Insider Transactions at IGM Biosciences

In other news, CEO Fred Schwarzer sold 4,765 shares of IGM Biosciences stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $47,078.20. Following the transaction, the chief executive officer now owns 220,833 shares in the company, valued at $2,181,830.04. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Bros. Advisors Lp Baker bought 97,473 shares of the company’s stock in a transaction that occurred on Thursday, March 28th. The shares were acquired at an average price of $9.62 per share, for a total transaction of $937,690.26. Following the completion of 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Fred Schwarzer sold 4,765 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $9.88, for a total transaction of $47,078.20. Following the completion of the transaction, the chief executive officer now owns 220,833 shares in the company, valued at approximately $2,181,830.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,191 shares of company stock worth $80,927. Company insiders own 56.91% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in IGM Biosciences by 0.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 3,260,022 shares of the company’s stock valued at $27,091,000 after buying an additional 17,307 shares during the period. Goldman Sachs Group Inc. increased its stake in IGM Biosciences by 127.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,040,509 shares of the company’s stock valued at $8,647,000 after purchasing an additional 583,516 shares in the last quarter. RA Capital Management L.P. bought a new stake in IGM Biosciences in the second quarter valued at $8,653,000. Vanguard Group Inc. increased its stake in IGM Biosciences by 29.1% in the third quarter. Vanguard Group Inc. now owns 900,007 shares of the company’s stock valued at $7,515,000 after purchasing an additional 202,719 shares in the last quarter. Finally, BlackRock Inc. increased its stake in IGM Biosciences by 11.2% in the second quarter. BlackRock Inc. now owns 857,171 shares of the company’s stock valued at $7,912,000 after purchasing an additional 86,575 shares in the last quarter. Institutional investors and hedge funds own 42.79% of the company’s stock.

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.