Q3 2024 EPS Estimates for IGM Biosciences, Inc. Increased by Analyst (NASDAQ:IGMS)

IGM Biosciences, Inc. (NASDAQ:IGMS) – Wedbush upped their Q3 2024 EPS estimates for IGM Biosciences in a research report issued on Tuesday, October 1st. Wedbush analyst R. Driscoll now anticipates that the company will post earnings of ($0.83) per share for the quarter, up from their prior estimate of ($0.84). Wedbush has a “Outperform” rating and a $22.00 price target on the stock. The consensus estimate for IGM Biosciences’ current full-year earnings is ($3.13) per share. Wedbush also issued estimates for IGM Biosciences’ Q4 2024 earnings at ($0.71) EPS, FY2024 earnings at ($3.16) EPS, Q1 2025 earnings at ($0.46) EPS, FY2025 earnings at ($1.64) EPS, FY2026 earnings at ($1.25) EPS, FY2027 earnings at ($1.58) EPS and FY2028 earnings at ($1.74) EPS.

Other equities analysts have also recently issued research reports about the company. Truist Financial cut IGM Biosciences from a “buy” rating to a “hold” rating and cut their price objective for the company from $24.00 to $12.00 in a report on Tuesday. JPMorgan Chase & Co. cut shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $12.00 to $9.00 in a report on Tuesday. HC Wainwright dropped their price objective 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. Royal Bank of Canada reduced their target price on shares of IGM Biosciences from $20.00 to $17.00 and set an “outperform” rating for the company in a research note on Tuesday. Finally, Guggenheim dropped their price target on IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, IGM Biosciences currently has an average rating of “Hold” and an average target price of $14.67.

IGM Biosciences Trading Down 0.7 %

NASDAQ:IGMS opened at $14.40 on Thursday. IGM Biosciences has a 1 year low of $3.81 and a 1 year high of $22.50. The stock has a 50-day moving average price of $11.69 and a two-hundred day moving average price of $9.78. The stock has a market cap of $849.95 million, a price-to-earnings ratio of -3.34 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.97). The firm had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. IGM Biosciences had a negative net margin of 7,571.35% and a negative return on equity of 119.02%.

Insider Activity at IGM Biosciences

In related 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 transaction of $45,536.84. Following the completion of the transaction, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Julie Hambleton sold 15,132 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $14.00, for a total transaction of $211,848.00. Following the transaction, the director now directly owns 2,000 shares in the company, valued at $28,000. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Fred Schwarzer sold 3,946 shares of the stock in a transaction 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 disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,034 shares of company stock valued at $279,957. 57.00% of the stock is owned by insiders.

Institutional Investors Weigh In On IGM Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Rhumbline Advisers grew its holdings in IGM Biosciences by 13.1% during the second quarter. Rhumbline Advisers now owns 22,726 shares of the company’s stock worth $156,000 after purchasing an additional 2,635 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of IGM Biosciences by 8.9% during 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 period. Quest Partners LLC increased its holdings 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 last quarter. TD Asset Management Inc raised its stake in IGM Biosciences by 3.4% in the 2nd quarter. TD Asset Management Inc now owns 164,472 shares of the company’s stock valued at $1,130,000 after acquiring an additional 5,350 shares during the period. Finally, XTX Topco Ltd lifted its holdings in IGM Biosciences by 70.9% during the 2nd quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock valued at $140,000 after purchasing an additional 8,467 shares during the last quarter. 42.79% of the stock is 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.