IGM Biosciences (NASDAQ:IGMS) Sets New 52-Week High at $18.34

IGM Biosciences, Inc. (NASDAQ:IGMS) shares hit a new 52-week high on Tuesday . The stock traded as high as $18.34 and last traded at $18.30, with a volume of 270057 shares. The stock had previously closed at $15.84.

Analysts Set New Price Targets

A number of research analysts have issued reports on IGMS shares. JPMorgan Chase & Co. increased their target price on shares of IGM Biosciences from $11.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. HC Wainwright reduced their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. Wedbush reiterated an “outperform” rating and set a $25.00 target price (up from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. Truist Financial dropped their price target on IGM Biosciences from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, August 23rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 price objective on shares of IGM Biosciences in a research report on Thursday, August 15th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $16.63.

IGM Biosciences Price Performance

The stock has a market cap of $1.02 billion, a PE ratio of -4.00 and a beta of 0.19. The stock has a 50-day simple moving average of $10.80 and a 200-day simple moving average of $9.50.

IGM Biosciences (NASDAQ:IGMS) last issued its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The firm had revenue of $1.25 million for the quarter, compared to analysts’ expectations of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. As a group, equities research analysts anticipate that IGM Biosciences, Inc. will post -3.13 EPS for the current year.

Insider Activity

In related news, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $11.54, for a total transaction of $45,536.84. Following the completion of the sale, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the completion of the sale, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,034 shares of company stock valued at $279,957. Company insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Panagora Asset Management Inc. acquired a new stake in shares of IGM Biosciences during the fourth quarter worth approximately $252,000. Pennant Investors LP acquired a new stake in shares of IGM Biosciences in the 4th quarter valued at about $539,000. Susquehanna Fundamental Investments LLC bought a new position in shares of IGM Biosciences during the first quarter worth about $268,000. EntryPoint Capital LLC bought a new position in shares of IGM Biosciences during the first quarter worth about $152,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in IGM Biosciences by 19.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,888,023 shares of the company’s stock valued at $37,520,000 after buying an additional 628,001 shares during the last quarter. 42.79% of the stock is owned by hedge funds and other institutional investors.

IGM Biosciences Company 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.