AQR Capital Management LLC Makes New Investment in IGM Biosciences, Inc. (NASDAQ:IGMS)

AQR Capital Management LLC bought a new stake in shares of IGM Biosciences, Inc. (NASDAQ:IGMS) during the 2nd quarter, according to its most recent filing with the SEC. The fund bought 12,230 shares of the company’s stock, valued at approximately $84,000.

Several other institutional investors have also made changes to their positions in the business. Marshall Wace LLP boosted its position in shares of IGM Biosciences by 51.6% during the 2nd quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock valued at $737,000 after acquiring an additional 36,491 shares in the last quarter. XTX Topco Ltd boosted its position in shares of IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after acquiring an additional 8,467 shares in the last quarter. Renaissance Technologies LLC boosted its position 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 valued at $747,000 after acquiring an additional 60,593 shares in the last quarter. Bruce & Co. Inc. boosted its position in shares of IGM Biosciences by 53.8% during the 2nd quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock valued at $687,000 after acquiring an additional 35,000 shares in the last quarter. Finally, Quest Partners LLC boosted its position in shares of IGM Biosciences by 71.4% during the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after acquiring an additional 4,961 shares in the last quarter. 42.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on IGMS shares. Royal Bank of Canada lifted their price target on shares of IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a report on Friday. Wedbush cut their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and cut their price target for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. JPMorgan Chase & Co. downgraded shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price target for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Finally, HC Wainwright cut their price target on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, IGM Biosciences presently has a consensus rating of “Hold” and a consensus target price of $15.00.

Insider Activity at IGM Biosciences

In related news, CEO Fred Schwarzer sold 3,946 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Julie Hambleton sold 15,132 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were 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 in the company, valued at $28,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction 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 company’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 250,124 shares of the company’s stock, valued at $2,886,430.96. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 21,034 shares of company stock worth $279,957. 57.00% of the stock is currently owned by company insiders.

IGM Biosciences Price Performance

IGMS opened at $16.72 on Friday. The company has a market cap of $986.88 million, a price-to-earnings ratio of -3.88 and a beta of 0.21. The firm has a 50 day simple moving average of $12.92 and a 200 day simple moving average of $10.23. IGM Biosciences, Inc. 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 business 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%. As a group, analysts expect that IGM Biosciences, Inc. will post -3.17 EPS for the current year.

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.