The Manufacturers Life Insurance Company Acquires 5,683 Shares of IGM Biosciences, Inc. (NASDAQ:IGMS)

The Manufacturers Life Insurance Company increased its position in shares of IGM Biosciences, Inc. (NASDAQ:IGMS) by 8.2% during the 3rd quarter, Holdings Channel reports. The fund owned 74,612 shares of the company’s stock after buying an additional 5,683 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in IGM Biosciences were worth $1,234,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. TD Asset Management Inc lifted its stake in IGM Biosciences by 3.4% in the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after acquiring an additional 5,350 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of IGM Biosciences by 12.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 148,402 shares of the company’s stock valued at $2,455,000 after purchasing an additional 16,072 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of IGM Biosciences by 126.0% in the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares during the last quarter. Marshall Wace LLP lifted its position in shares of IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after purchasing an additional 36,491 shares in the last quarter. Finally, Bruce & Co. Inc. boosted its holdings in IGM Biosciences by 53.8% during the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after purchasing an additional 35,000 shares during the last quarter. 42.79% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $11.54, for a total transaction of $45,536.84. Following the sale, the chief executive officer now owns 250,124 shares in the company, valued at $2,886,430.96. The trade was a 1.55 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 5,902 shares of company stock worth $68,109 over the last three months. Insiders own 57.00% of the company’s stock.

IGM Biosciences Stock Down 2.5 %

Shares of IGM Biosciences stock opened at $9.25 on Thursday. The stock has a market capitalization of $550.04 million, a price-to-earnings ratio of -2.61 and a beta of 0.08. The company has a 50-day simple moving average of $13.15 and a two-hundred day simple moving average of $11.16. IGM Biosciences, Inc. has a twelve month low of $5.58 and a twelve month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings results on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). The firm had revenue of $0.52 million for the quarter, compared to the consensus estimate of $0.23 million. IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. On average, sell-side analysts anticipate that IGM Biosciences, Inc. will post -3.33 earnings per share for the current fiscal year.

Analyst Ratings Changes

IGMS has been the topic of several analyst reports. Stifel Nicolaus boosted their price target on shares of IGM Biosciences from $25.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Guggenheim dropped their target price on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Wedbush decreased their price target on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday, October 1st. BMO Capital Markets assumed coverage on shares of IGM Biosciences in a research report on Friday, December 6th. They set an “outperform” rating and a $21.00 price target on the stock. Finally, Royal Bank of Canada raised their price objective on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, IGM Biosciences presently has an average rating of “Hold” and an average target price of $16.67.

IGM Biosciences Profile

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.