IGM Biosciences (NASDAQ:IGMS) PT Raised to $20.00

IGM Biosciences (NASDAQ:IGMS) had its price objective increased by Royal Bank of Canada from $17.00 to $20.00 in a research note published on Friday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the stock.

IGMS has been the topic of a number of other reports. JPMorgan Chase & Co. lowered IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. Guggenheim cut their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Wedbush reduced their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a research report on Tuesday, October 1st. HC Wainwright lowered their price objective on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a research report on Thursday, September 5th. Finally, Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and reduced their target price for the company from $24.00 to $12.00 in a research report on Tuesday, October 1st. One equities 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. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $15.00.

IGM Biosciences Price Performance

Shares of IGMS stock opened at $16.72 on Friday. The firm has a 50-day moving average of $12.92 and a 200-day moving average of $10.25. IGM Biosciences has a one year low of $3.81 and a one year high of $22.50. The company has a market cap of $986.88 million, a P/E ratio of -3.88 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last posted 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). IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%. The firm had revenue of $1.25 million during the quarter, compared to analysts’ expectations of $51.75 million. As a group, research analysts expect that IGM Biosciences will post -3.17 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Julie Hambleton sold 15,132 shares of the firm’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 directly owns 2,000 shares of the company’s stock, valued at approximately $28,000. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences stock in a transaction dated Friday, September 13th. The stock was 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. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, 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 completion of the sale, the director now directly owns 2,000 shares in the company, valued at approximately $28,000. The trade was a 0.00 % decrease in their ownership of the stock. 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 over the last quarter. Company insiders own 57.00% of the company’s stock.

Hedge Funds Weigh In On IGM Biosciences

Several hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. bought a new position in IGM Biosciences in the 2nd quarter valued at $187,000. AQR Capital Management LLC purchased a new stake in shares of IGM Biosciences in the second quarter worth $84,000. Marshall Wace LLP raised its position in shares of IGM Biosciences by 51.6% in the second quarter. Marshall Wace LLP now owns 107,267 shares of the company’s stock worth $737,000 after buying an additional 36,491 shares in the last quarter. XTX Topco Ltd boosted its stake in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after buying an additional 8,467 shares during the period. Finally, Renaissance Technologies LLC grew its position in IGM Biosciences by 126.0% during the second quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock worth $747,000 after buying an additional 60,593 shares in the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

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.