Guggenheim Trims IGM Biosciences (NASDAQ:IGMS) Target Price to $20.00

IGM Biosciences (NASDAQ:IGMS) had its price target reduced by analysts at Guggenheim from $25.00 to $20.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s target price points to a potential upside of 39.18% from the stock’s previous close.

Several other research firms also recently weighed in on IGMS. Royal Bank of Canada cut their price target on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $12.00 to $9.00 in a research note on Tuesday. Wedbush cut 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. Truist Financial cut IGM Biosciences from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $24.00 to $12.00 in a report on Tuesday. Finally, HC Wainwright dropped their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, IGM Biosciences currently has an average rating of “Hold” and an average target price of $14.67.

IGM Biosciences Stock Performance

NASDAQ:IGMS traded down $2.17 during trading on Tuesday, reaching $14.37. The company’s stock had a trading volume of 1,193,287 shares, compared to its average volume of 320,752. The firm has a market cap of $848.17 million, a price-to-earnings ratio of -3.30 and a beta of 0.19. The firm has a 50 day moving average of $11.59 and a 200-day moving average of $9.72. IGM Biosciences has a 12 month low of $3.81 and a 12 month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.97). The firm had revenue of $1.25 million for the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. Equities research analysts forecast that IGM Biosciences will post -3.13 earnings per share for the current fiscal year.

Insider Buying and Selling at IGM Biosciences

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

Hedge Funds Weigh In On IGM Biosciences

Several institutional investors have recently modified their holdings of IGMS. Point72 Asset Management L.P. bought a new position in IGM Biosciences during the 2nd quarter worth approximately $187,000. AQR Capital Management LLC bought a new position in IGM Biosciences during the 2nd quarter worth approximately $84,000. Marshall Wace LLP grew its position in IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after acquiring an additional 36,491 shares during the last quarter. XTX Topco Ltd grew its position in IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in IGM Biosciences by 126.0% during the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after acquiring an additional 60,593 shares during the last quarter. 42.79% of the stock is currently owned by 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.