Truist Financial Lowers IGM Biosciences (NASDAQ:IGMS) to Hold

IGM Biosciences (NASDAQ:IGMS) was downgraded by equities researchers at Truist Financial from a “buy” rating to a “hold” rating in a report released on Tuesday, FinViz reports. They presently have a $12.00 price target on the stock, down from their previous price target of $24.00. Truist Financial’s price objective would indicate a potential downside of 27.45% from the stock’s previous close.

Several other research firms have also commented on IGMS. HC Wainwright decreased their target price on shares of IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating on the stock in a report on Thursday, September 5th. Wedbush reaffirmed an “outperform” rating and set a $25.00 target price (up from $20.00) on shares of IGM Biosciences in a research report on Wednesday, August 14th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of IGM Biosciences in a research note on Thursday, August 15th. Finally, JPMorgan Chase & Co. lifted their target price on IGM Biosciences from $11.00 to $12.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, IGM Biosciences has a consensus rating of “Hold” and a consensus target price of $15.13.

IGM Biosciences Price Performance

IGMS stock opened at $16.54 on Tuesday. The stock has a market cap of $976.26 million, a price-to-earnings ratio of -3.84 and a beta of 0.19. The company has a fifty day moving average price of $11.59 and a two-hundred day moving average price of $9.72. IGM Biosciences has a one year low of $3.81 and a one year high of $22.50.

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 analysts’ consensus estimates 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 business had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. Research analysts anticipate that IGM Biosciences will post -3.13 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the sale, the chief executive officer now directly owns 250,124 shares of the company’s stock, valued at $2,886,430.96. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the completion of the sale, the chief executive officer now owns 250,124 shares in the company, valued at $2,886,430.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Julie Hambleton sold 15,132 shares of the business’s 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 transaction, the director now owns 2,000 shares in the company, valued at $28,000. The disclosure for this sale can be found here. Insiders have sold a total of 21,034 shares of company stock worth $279,957 in the last ninety days. Corporate insiders own 57.00% of the company’s stock.

Institutional Trading of IGM Biosciences

A number of hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. bought a new stake in shares of IGM Biosciences during the 2nd quarter worth $187,000. AQR Capital Management LLC purchased a new position in IGM Biosciences in the second quarter valued at about $84,000. Marshall Wace LLP grew its position in shares of IGM Biosciences by 51.6% during the 2nd 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 during the period. XTX Topco Ltd increased its stake in shares of IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after purchasing an additional 8,467 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings 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 worth $747,000 after purchasing an additional 60,593 shares during the period. 42.79% of the stock is currently owned by institutional investors.

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.