IGM Biosciences (NASDAQ:IGMS) Shares Gap Down After Analyst Downgrade

IGM Biosciences, Inc. (NASDAQ:IGMS) gapped down prior to trading on Tuesday after Royal Bank of Canada lowered their price target on the stock from $20.00 to $17.00. The stock had previously closed at $16.54, but opened at $11.43. Royal Bank of Canada currently has an outperform rating on the stock. IGM Biosciences shares last traded at $14.34, with a volume of 291,886 shares traded.

A number of other equities research analysts have also recently commented on IGMS. Wedbush decreased their target price on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a research note on Tuesday. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and decreased their price objective for the company from $24.00 to $12.00 in a research report on Tuesday. HC Wainwright dropped their price objective on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research note on Thursday, September 5th. Finally, JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $12.00 to $9.00 in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $14.00.

Insider Activity

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

Hedge Funds Weigh In On IGM Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new stake in IGM Biosciences in the second quarter worth $187,000. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences in the second quarter valued at $84,000. Marshall Wace LLP lifted its holdings in shares of IGM Biosciences by 51.6% in 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 lifted its holdings in shares of IGM Biosciences by 70.9% in 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 boosted its stake in shares of 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 purchasing an additional 60,593 shares during the period. Hedge funds and other institutional investors own 42.79% of the company’s stock.

IGM Biosciences Stock Performance

The company has a market capitalization of $836.96 million, a P/E ratio of -3.44 and a beta of 0.19. The firm’s fifty day moving average is $11.59 and its 200 day moving average is $9.72.

IGM Biosciences (NASDAQ:IGMS) last released its earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. The business had revenue of $1.25 million for the quarter, compared to the consensus estimate of $51.75 million. On average, analysts forecast that IGM Biosciences, Inc. will post -3.13 EPS for the current year.

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.