Wellington Management Group LLP Buys 29,374 Shares of IGM Biosciences, Inc. (NASDAQ:IGMS)

Wellington Management Group LLP boosted its stake in IGM Biosciences, Inc. (NASDAQ:IGMS) by 42.6% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 98,339 shares of the company’s stock after acquiring an additional 29,374 shares during the period. Wellington Management Group LLP owned 0.17% of IGM Biosciences worth $1,627,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC bought a new stake in shares of IGM Biosciences in the 2nd quarter worth approximately $84,000. Marshall Wace LLP raised its stake 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 valued at $737,000 after buying an additional 36,491 shares during the period. TD Asset Management Inc lifted its position in shares of IGM Biosciences by 3.4% during the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after buying an additional 5,350 shares during the last quarter. Quest Partners LLC grew its stake 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 worth $82,000 after acquiring an additional 4,961 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in IGM Biosciences by 8.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock worth $371,000 after acquiring an additional 4,427 shares during the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

IGM Biosciences Stock Performance

NASDAQ:IGMS opened at $7.10 on Thursday. IGM Biosciences, Inc. has a 52-week low of $6.17 and a 52-week high of $22.50. The stock has a fifty day moving average of $12.35 and a 200 day moving average of $11.10. The firm has a market capitalization of $422.19 million, a price-to-earnings ratio of -1.95 and a beta of 0.08.

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

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Wedbush cut their target price 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. Stifel Nicolaus lifted their price objective on shares of IGM Biosciences from $25.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, November 11th. Royal Bank of Canada increased their target price on IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. HC Wainwright reduced their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. cut IGM Biosciences from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $12.00 to $9.00 in a report on Tuesday, October 1st. One analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $17.75.

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.