IGM Biosciences, Inc. (NASDAQ:IGMS) Short Interest Down 8.5% in October

IGM Biosciences, Inc. (NASDAQ:IGMS) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 3,680,000 shares, a decrease of 8.5% from the September 30th total of 4,020,000 shares. Based on an average daily volume of 305,300 shares, the days-to-cover ratio is presently 12.1 days. Currently, 17.8% of the company’s stock are sold short.

IGM Biosciences Stock Down 2.6 %

NASDAQ:IGMS opened at $17.14 on Friday. The company’s 50 day moving average is $14.23 and its 200-day moving average is $10.74. IGM Biosciences has a 12 month low of $3.81 and a 12 month high of $22.50. The firm has a market cap of $1.02 billion, a price-to-earnings ratio of -4.67 and a beta of 0.21.

IGM Biosciences (NASDAQ:IGMS) last announced its earnings results on Wednesday, August 14th. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.97). IGM Biosciences had a negative return on equity of 119.02% and a negative net margin of 7,571.35%. The firm had revenue of $1.25 million during the quarter, compared to the consensus estimate of $51.75 million. Research analysts predict that IGM Biosciences will post -3.17 EPS for the current fiscal year.

Wall Street Analyst Weigh In

IGMS has been the topic of a number of recent research reports. Truist Financial downgraded IGM Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $24.00 to $12.00 in a research note on Tuesday, October 1st. Royal Bank of Canada boosted their price target on IGM Biosciences from $17.00 to $20.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. lowered shares of IGM Biosciences from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $12.00 to $9.00 in a research report on Tuesday, October 1st. Wedbush decreased 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. Finally, Guggenheim dropped their price target on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating on the stock in a research note on Tuesday, October 1st. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $15.00.

Insider Transactions at IGM Biosciences

In other IGM Biosciences news, CEO Fred Schwarzer sold 3,946 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $11.54, for a total value of $45,536.84. Following the transaction, the chief executive officer now owns 250,124 shares in the company, valued at approximately $2,886,430.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold 5,902 shares of company stock valued at $68,109 over the last three months. 57.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On IGM Biosciences

Several large investors have recently made changes to their positions in IGMS. Quest Partners LLC grew its holdings in IGM Biosciences by 71.4% in the 2nd quarter. Quest Partners LLC now owns 11,913 shares of the company’s stock valued at $82,000 after buying an additional 4,961 shares during the last quarter. AQR Capital Management LLC acquired a new stake in shares of IGM Biosciences in the second quarter worth $84,000. XTX Topco Ltd increased its position in IGM Biosciences by 70.9% during the second quarter. XTX Topco Ltd now owns 20,408 shares of the company’s stock worth $140,000 after acquiring an additional 8,467 shares during the period. EntryPoint Capital LLC bought a new position in IGM Biosciences during the first quarter worth $152,000. Finally, Rhumbline Advisers raised 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 during the last quarter. Institutional investors and hedge funds 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.