Geode Capital Management LLC Buys 28,118 Shares of IGM Biosciences, Inc. (NASDAQ:IGMS)

Geode Capital Management LLC raised its stake in shares of IGM Biosciences, Inc. (NASDAQ:IGMS) by 7.6% in the third quarter, Holdings Channel reports. The institutional investor owned 395,799 shares of the company’s stock after buying an additional 28,118 shares during the quarter. Geode Capital Management LLC’s holdings in IGM Biosciences were worth $6,548,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in IGMS. Bank of New York Mellon Corp raised its position in shares of 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 purchasing an additional 4,427 shares during the last quarter. Rhumbline Advisers increased its stake in IGM Biosciences by 13.1% during the 2nd quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock valued at $156,000 after purchasing an additional 2,635 shares in the last quarter. TD Asset Management Inc raised its holdings in IGM Biosciences by 3.4% in the second quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock worth $1,130,000 after buying an additional 5,350 shares during the last quarter. Quest Partners LLC lifted its stake in shares of IGM Biosciences by 71.4% in the second quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock worth $82,000 after buying an additional 4,961 shares in the last quarter. Finally, Bruce & Co. Inc. lifted its stake in shares of IGM Biosciences by 53.8% in the second quarter. Bruce & Co. Inc. now owns 100,000 shares of the company’s stock worth $687,000 after buying an additional 35,000 shares in the last quarter. 42.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

IGMS has been the subject of several analyst reports. Guggenheim reduced their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Wedbush reduced their target price on IGM Biosciences from $25.00 to $22.00 and set an “outperform” rating for the company in a report on Tuesday, October 1st. JPMorgan Chase & Co. downgraded IGM Biosciences from a “neutral” rating to an “underweight” rating and lowered their price target for the company from $12.00 to $9.00 in a report on Tuesday, October 1st. BMO Capital Markets initiated coverage on IGM Biosciences in a report on Friday, December 6th. They issued an “outperform” rating and a $21.00 price objective for the company. Finally, Royal Bank of Canada boosted 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. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, IGM Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $17.75.

IGM Biosciences Price Performance

IGMS stock opened at $6.56 on Friday. The company has a market cap of $390.08 million, a P/E ratio of -1.80 and a beta of 0.08. IGM Biosciences, Inc. has a 1 year low of $5.79 and a 1 year high of $22.50. The stock’s fifty day moving average price is $10.31 and its 200-day moving average price is $10.95.

IGM Biosciences (NASDAQ:IGMS) last released 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). 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 the consensus estimate of $0.23 million. As a group, analysts expect that IGM Biosciences, Inc. will post -3.33 earnings per share 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.