IGM Biosciences, Inc. (NASDAQ:IGMS) Receives $17.89 Consensus Price Target from Brokerages

IGM Biosciences, Inc. (NASDAQ:IGMS) has received a consensus recommendation of “Moderate Buy” from the eight ratings firms that are currently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $17.89.

Several brokerages have issued reports on IGMS. HC Wainwright reaffirmed a “neutral” rating and set a $12.00 price target on shares of IGM Biosciences in a report on Friday, May 24th. Wedbush reaffirmed an “outperform” rating and set a $20.00 price target on shares of IGM Biosciences in a report on Thursday, May 9th.

IGM Biosciences Stock Down 6.4 %

Shares of IGMS opened at $6.83 on Friday. The stock has a market capitalization of $403.11 million, a P/E ratio of -1.58 and a beta of 0.23. IGM Biosciences has a twelve month low of $3.81 and a twelve month high of $17.70. The company has a 50 day moving average of $8.57 and a 200-day moving average of $9.88.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Wednesday, May 8th. The company reported ($0.83) earnings per share for the quarter, beating the consensus estimate of ($0.84) by $0.01. IGM Biosciences had a negative net margin of 11,255.25% and a negative return on equity of 108.07%. The business had revenue of $0.50 million during the quarter, compared to analysts’ expectations of $0.71 million. On average, sell-side analysts anticipate that IGM Biosciences will post -2.32 earnings per share for the current fiscal year.

Insider Activity at IGM Biosciences

In other IGM Biosciences news, Director Bros. Advisors Lp Baker purchased 97,473 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were purchased at an average cost of $9.62 per share, with a total value of $937,690.26. Following the completion of the purchase, the director now owns 3,753,480 shares in the company, valued at $36,108,477.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other IGM Biosciences news, Director Bros. Advisors Lp Baker purchased 97,473 shares of the company’s stock in a transaction on Thursday, March 28th. The shares were purchased at an average cost of $9.62 per share, with a total value of $937,690.26. Following the completion of the purchase, the director now owns 3,753,480 shares in the company, valued at $36,108,477.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Fred Schwarzer sold 4,164 shares of the business’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $7.58, for a total value of $31,563.12. Following the completion of the transaction, the chief executive officer now directly owns 254,070 shares in the company, valued at $1,925,850.60. The disclosure for this sale can be found here. Insiders have sold 6,229 shares of company stock worth $47,216 over the last ninety days. Insiders own 57.00% of the company’s stock.

Institutional Investors Weigh In On IGM Biosciences

Several institutional investors have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its stake in IGM Biosciences by 19.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after purchasing an additional 628,001 shares during the period. Baker BROS. Advisors LP lifted its holdings in IGM Biosciences by 10.8% during the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after purchasing an additional 397,311 shares in the last quarter. Hudson Bay Capital Management LP purchased a new stake in IGM Biosciences during the 3rd quarter worth about $1,038,000. Redmile Group LLC lifted its holdings in IGM Biosciences by 3.4% during the 1st quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after purchasing an additional 100,936 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. purchased a new stake in IGM Biosciences during the 1st quarter worth about $758,000. Institutional investors 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.