IGM Biosciences (NASDAQ:IGMS) Shares Down 7.4% Following Analyst Downgrade

IGM Biosciences, Inc. (NASDAQ:IGMS) shares dropped 7.4% on Wednesday after Guggenheim lowered their price target on the stock from $25.00 to $20.00. Guggenheim currently has a buy rating on the stock. IGM Biosciences traded as low as $13.41 and last traded at $13.43. Approximately 61,664 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 321,265 shares. The stock had previously closed at $14.50.

IGMS has been the subject of a number of other reports. Truist Financial downgraded shares of 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. HC Wainwright dropped their price target 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. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $12.00 to $9.00 in a research report on Tuesday. Royal Bank of Canada decreased their price objective on IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating on the stock in a report on Tuesday. Finally, Wedbush cut their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $14.67.

Insider Transactions at IGM Biosciences

In other news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction that occurred on 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 approximately $2,886,430.96. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Julie Hambleton sold 15,132 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $14.00, for a total value of $211,848.00. Following the completion of the transaction, the director now owns 2,000 shares of the company’s stock, valued at approximately $28,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction on Friday, September 13th. The stock was 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 directly owns 250,124 shares in the company, valued at $2,886,430.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 21,034 shares of company stock worth $279,957. Company insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Several large investors have recently made changes to their positions in the business. Quest Partners LLC raised its position in shares of IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after purchasing an additional 4,961 shares during the last quarter. AQR Capital Management LLC bought a new stake in IGM Biosciences during the 2nd quarter valued at about $84,000. XTX Topco Ltd raised its holdings in IGM Biosciences by 70.9% in the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after buying an additional 8,467 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of IGM Biosciences in the first quarter worth approximately $152,000. Finally, Rhumbline Advisers grew its holdings in shares of IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after buying an additional 2,635 shares during the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

IGM Biosciences Price Performance

The company has a market cap of $801.55 million, a P/E ratio of -3.15 and a beta of 0.21. The company’s 50-day moving average is $11.65 and its two-hundred day moving average is $9.75.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). The business had revenue of $1.25 million during 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 anticipate 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.