IGM Biosciences (NASDAQ:IGMS) PT Lowered to $22.00 at Wedbush

IGM Biosciences (NASDAQ:IGMS) had its price objective cut by Wedbush from $25.00 to $22.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. Wedbush’s price objective would suggest a potential upside of 49.66% from the stock’s current price.

A number of other brokerages have also recently issued reports on IGMS. JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $12.00 to $9.00 in a report on Tuesday. Truist Financial cut shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their price objective for the company from $24.00 to $12.00 in a report on Tuesday. HC Wainwright decreased their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 price target on shares of IGM Biosciences in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $14.00.

IGM Biosciences Stock Performance

Shares of NASDAQ IGMS traded down $1.84 during trading on Tuesday, hitting $14.70. 886,507 shares of the company traded hands, compared to its average volume of 319,129. The firm has a market capitalization of $867.65 million, a price-to-earnings ratio of -3.30 and a beta of 0.19. The business’s fifty day moving average is $11.59 and its 200 day moving average is $9.72. IGM Biosciences has a fifty-two week low of $3.81 and a fifty-two week 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 analysts’ consensus estimates of $0.18 by ($0.97). The firm had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. On average, analysts predict that IGM Biosciences will post -3.13 EPS for the current year.

Insider Buying and Selling

In other IGM Biosciences news, 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 completion of the sale, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $14.00, for a total value of $211,848.00. Following the transaction, the director now directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 transaction of $45,536.84. Following the transaction, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,034 shares of company stock worth $279,957. 57.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Pennant Investors LP purchased a new stake in shares of IGM Biosciences during the 4th quarter worth approximately $539,000. Susquehanna Fundamental Investments LLC purchased a new stake in IGM Biosciences in the first quarter worth $268,000. EntryPoint Capital LLC purchased a new stake in IGM Biosciences in the first quarter worth $152,000. Price T Rowe Associates Inc. MD raised its stake in shares of 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 period. Finally, Baker BROS. Advisors LP lifted its position in shares of IGM Biosciences by 10.8% during the 1st quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock valued at $39,452,000 after buying an additional 397,311 shares during the last quarter. 42.79% of the stock is owned by institutional investors.

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.