IGM Biosciences (NASDAQ:IGMS) Trading Down 7.8% – Should You Sell?

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) dropped 7.8% on Friday . The stock traded as low as $12.82 and last traded at $13.25. Approximately 108,339 shares changed hands during trading, a decline of 65% from the average daily volume of 307,457 shares. The stock had previously closed at $14.37.

Analyst Upgrades and Downgrades

IGMS has been the topic of several recent research reports. Truist Financial lowered IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $24.00 to $12.00 in a research report on Tuesday, October 1st. Wedbush lowered their price target on shares of IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating on the stock in a report on Tuesday, October 1st. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. Royal Bank of Canada increased their target price on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, Guggenheim cut their price objective on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $15.00.

IGM Biosciences Price Performance

The stock has a market capitalization of $772.94 million, a price-to-earnings ratio of -3.55 and a beta of 0.20. The stock has a 50 day moving average price of $14.79 and a 200-day moving average price of $11.02.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.97). IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. The business had revenue of $1.25 million for the quarter, compared to analyst estimates of $51.75 million. As a group, research analysts forecast that IGM Biosciences, Inc. will post -3.17 earnings per share for the current year.

Insider Buying and Selling

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the firm’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 value of $45,536.84. Following the transaction, the chief executive officer now directly 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have sold 5,902 shares of company stock worth $68,109. 57.00% of the stock is owned by insiders.

Institutional Investors Weigh In On IGM Biosciences

A number of hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its stake in shares of IGM Biosciences by 19.3% in the 1st 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. Baker BROS. Advisors LP grew its position in IGM Biosciences by 10.8% in the first quarter. Baker BROS. Advisors LP now owns 4,088,322 shares of the company’s stock worth $39,452,000 after acquiring an additional 397,311 shares during the period. Redmile Group LLC increased its stake in IGM Biosciences by 3.4% during the first quarter. Redmile Group LLC now owns 3,072,478 shares of the company’s stock worth $29,649,000 after acquiring an additional 100,936 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in IGM Biosciences in the first quarter valued at $758,000. Finally, Renaissance Technologies LLC lifted its stake in shares of IGM Biosciences by 126.0% in the 2nd quarter. Renaissance Technologies LLC now owns 108,693 shares of the company’s stock valued at $747,000 after purchasing an additional 60,593 shares during the last quarter. Hedge funds and other institutional investors own 42.79% of the company’s stock.

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.