IGM Biosciences (NASDAQ:IGMS) Shares Gap Down – What’s Next?

Shares of IGM Biosciences, Inc. (NASDAQ:IGMS) gapped down prior to trading on Friday . The stock had previously closed at $8.89, but opened at $8.51. IGM Biosciences shares last traded at $8.92, with a volume of 62,293 shares changing hands.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Royal Bank of Canada upped their price objective on shares of IGM Biosciences from $17.00 to $20.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Guggenheim reduced their price objective on shares of IGM Biosciences from $25.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, October 1st. Wedbush cut their target price on 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 boosted their target price 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. Finally, HC Wainwright dropped their price target on IGM Biosciences from $12.00 to $11.00 and set a “neutral” rating for the company in a report on Thursday, September 5th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $16.13.

IGM Biosciences Stock Performance

The company has a market capitalization of $528.60 million, a price-to-earnings ratio of -2.44 and a beta of 0.20. The company has a 50 day moving average price of $14.68 and a 200 day moving average price of $11.10.

IGM Biosciences (NASDAQ:IGMS) last announced its quarterly earnings data on Friday, November 8th. The company reported ($1.01) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.19). IGM Biosciences had a negative return on equity of 155.42% and a negative net margin of 7,534.03%. The firm had revenue of $0.52 million during the quarter, compared to analyst estimates of $0.23 million. Equities analysts predict that IGM Biosciences, Inc. will post -3.28 earnings per share for the current year.

Insider Transactions 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 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 directly owns 250,124 shares in the company, valued at $2,886,430.96. This represents a 1.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold a total of 5,902 shares of company stock worth $68,109 in the last quarter. 57.00% of the stock is owned by company insiders.

Institutional Trading of IGM Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Rhumbline Advisers boosted its position in shares of IGM Biosciences by 13.1% in the 2nd 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 last quarter. Bank of New York Mellon Corp lifted its stake in IGM Biosciences by 8.9% in the second quarter. Bank of New York Mellon Corp now owns 53,980 shares of the company’s stock valued at $371,000 after buying an additional 4,427 shares during the period. Quest Partners LLC boosted its holdings in IGM Biosciences by 71.4% during 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 during the last quarter. TD Asset Management Inc grew 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 worth $1,130,000 after buying an additional 5,350 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in shares of IGM Biosciences by 8.2% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 74,612 shares of the company’s stock valued at $1,234,000 after acquiring an additional 5,683 shares during the last quarter. Institutional investors 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.