IGM Biosciences (NASDAQ:IGMS) Earns Outperform Rating from Analysts at BMO Capital Markets

BMO Capital Markets began coverage on shares of IGM Biosciences (NASDAQ:IGMS) in a research note published on Friday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $21.00 target price on the stock.

IGMS has been the subject of a number of other research reports. Guggenheim lowered their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Stifel Nicolaus increased their price target on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a report on Monday, November 11th. HC Wainwright lowered 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. Wedbush lowered 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. Finally, Truist Financial downgraded shares of IGM Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the company from $24.00 to $12.00 in a report on Tuesday, October 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $16.67.

IGM Biosciences Stock Up 9.0 %

Shares of IGM Biosciences stock opened at $10.31 on Friday. The firm has a market cap of $613.03 million, a price-to-earnings ratio of -2.83 and a beta of 0.08. The business has a 50-day moving average price of $13.38 and a 200-day moving average price of $11.16. IGM Biosciences has a twelve month low of $5.58 and a twelve month high of $22.50.

IGM Biosciences (NASDAQ:IGMS) last issued its quarterly earnings data on Friday, November 8th. The company reported ($1.01) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative net margin of 7,534.03% and a negative return on equity of 155.42%. The firm had revenue of $0.52 million for the quarter, compared to analysts’ expectations of $0.23 million. On average, equities analysts expect that IGM Biosciences will post -3.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Fred Schwarzer sold 3,946 shares of IGM Biosciences 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 sale, the chief executive officer now owns 250,124 shares of the company’s stock, valued at approximately $2,886,430.96. The trade was a 1.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders sold a total of 5,902 shares of company stock valued at $68,109 over the last 90 days. Insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

Several institutional investors and hedge funds have recently modified their holdings of IGMS. Renaissance Technologies LLC raised its stake in shares of IGM Biosciences by 126.0% during the second 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. Marshall Wace LLP raised its stake in shares of IGM Biosciences by 51.6% during the second 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. Bruce & Co. Inc. raised its stake in shares of IGM Biosciences by 53.8% during the second 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. Wellington Management Group LLP increased its holdings in IGM Biosciences by 42.6% during the third quarter. Wellington Management Group LLP now owns 98,339 shares of the company’s stock valued at $1,627,000 after buying an additional 29,374 shares during the period. Finally, Geode Capital Management LLC increased its holdings in IGM Biosciences by 7.6% during the third quarter. Geode Capital Management LLC now owns 395,799 shares of the company’s stock valued at $6,548,000 after buying an additional 28,118 shares during the period. 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.